September 4, 2014
We had reported earlier regarding ISIS Wallet's plans of rebranding when the company had announced the decision few months back in July. ISIS Wallet, known for its mobile payments services, is now going ahead with the rebranding initiative. The company would be changing its name to Softcard officially in a few weeks to avoid association with the militant group known as ISIS. ISIS wallet had been struggling to gain traction in the market despite the backing of AT&T, Verizon and T-Mobile. The company made serious considerations regarding the rebranding effort as it wasn’t helping from marketing perspective.
The company wanted to brand itself with a name not associated with violence. The CEO of the company, Michael Abbott, said in an official announcement on company’s website: Our search for a new name has been rooted in our founding vision: to use the power of the mobile phone to help consumers find a safer and better way to shop, pay and save. But we also wanted a name and visual identity that had the power, flexibility and simplicity to define our category.
The ISIS Wallet flagship app will continue to work as usual and the transition to Softcard app would be taking place by releasing official app updates in a few weeks. The development of ISIS Wallet has been backed up by carriers like AT&T and Verizon. Its technology uses NFC giving consumers a new way to shop and make purchases from their smartphones.
ISIS Wallet’s lack of traction in U.S. market can be attributed to many stores still not having NFC readers installed and the popular iPhone not having NFC. Also it is facing serious competition from other wallet providers like Google Wallet. The mobile wallet space is indeed highly competitive with companies like PayPal, Google trying to make a name in the space. No firm has cornered the market as yet.
The lack of market leader still gives ISIS Wallet some flexibility by rebranding to Softcard. It will also be looking forward to Apple unveiling a mobile payment platform with the launch of iPhone 6. The new Softcard brand would also get a boost if iPhone 6 brings integration of NFC as that would really help the wallet service grow.