Apple CEO Tim Cook, though, seems confident he can change that.
In fact, Cook took a small jab at Google's system and other players in the space when he said last month during an Apple event that while many have tried to replace payments with a mobile device, they have all failed. He then presented Apple Pay as the service that would not.
Cook also stressed the big business opportunity by entering the payments space.
Read MoreGoogle fires back, saying Cook has no clue what they do
"Payments is a huge business. Every day between credit and debit we spend 12 billion dollars. That's over 4 trillion dollars a year, and that's just in the United States … 200 million transactions a day. That's 200 million times we scramble for our credit cards and go through what is a fairly antiquated process," Cook said.
With payments being such a big business opportunity, its no wonder both Google and Apple want a piece of it.
Yet, the payments space is not as easy to monetize as some think, said Scott Kessler, a senior equity analyst at S&P Capital IQ.
"It takes a lot of time to make inroads into these categories," Kessler said. "Just because [Apple] introduced it doesn't mean they are going to become a global leader. It's not a forgone conclusion to say they are going to become a category leader. A lot of folks have been at this for years and it hasn't taken off."
—By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.