The telco-driven Isis mobile wallet will now be called Softcard, a name chosen to avoid confusion and association with a militant group in the Middle East that is often referred to as "ISIS."

The mobile payments initiative, which announced its new name on Sept. 3, initially signaled its intent to rebrand in July after surveying its users to gauge how strongly people associated the Isis mobile wallet with the militant group.

The militant group, Islamic State in Iraq and Syria, has been featured prominently in the news for the past couple of months, claiming responsibility for terrorist attacks and the beheading of two American journalists.

The AT&T, T-Mobile and Verizon-backed payments company, whose formal name is JVL Ventures, will launch an updated app in the next few weeks. The current Isis Wallet app will work as it always has, said CEO Michael Abbott in a company announcement.

"Because we've chosen to move swiftly, small traces of Isis will be visible for a short time," Abbott said.