JP Morgan Says Google's Mobile Payment Agreement Is 'Classic Huddle In A Storm' Scenario

In a report published Tuesday, JP Morgan analyst Rod Hall commented on Google Inc's (NASDAQ: GOOG) distribution deal with T-Mobile, Verizon and AT&T to get its Google Wallet payments app pre-installed on their phones.

"We believe this is a classic huddle in a storm scenario," Hall wrote. "Both Google and ISIS (Softcard) have realized that Apple Inc's Apple Pay technology is rapidly becoming the standard for mobile payments."

Hall also added that as the Apple Watch gains momentum in mobile payment, it is doubtful that Google or Softcard will be able to catch up easily.