Mobile payments company Isis has renamed itself "Softcard" to avoid confusion with the murderous Islamic militant group.

Softcard CEO Michael Abbott said the name change will ensure the company won't be associated with the extremist Islamic militant group responsible for the murders of thousands of people in Syria and Iraq and the recent beheadings of two American journalists.

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Softcard's mobile wallet app lets users tap their smartphones to pay for their items.

"We have no desire to share a name with this group, and our hearts go out to those affected by this violence," Abbott's said.

The mobile wallet venture is backed by Verizon, T-Mobile, and AT&T.

The name change from Isis to Softcard will be completed over the next few weeks since some aspects of the previous name will take longer to remove.

But the company assured users there will be no changes to the platform.

Originally, Softcard chosen the name Isis due to it being "rooted in mythology, representing magic and simplicity." Isis is an Egyptian goddess who is the protector of the dead and goddess of children.

Abbott hopes Softcard will "become a category defining name." The rebranding, however, might have come at a wrong time.

Rumors claim Apple will integrate a new mobile payment platform in the upcoming iPhone 6 using Near-Field Communication. This move will heighten competition in Softcard's markets.

TagsIsis payment app, Softcard, Isis militant group, mobile wallet app, payment app, mobile payment