Ever since Apple (NASDAQ:AAPL) debuted Apple Pay last year, the company has been talking about how the iPhone will replace a user's wallet. That hasn't happened yet, but if some new reports prove true, Apple may be one step closer to that goal.

The Wall Street Journal recently said that Apple is considering its own person-to-person payments platform that would allow iPhone users to easily send money to each other through Apple Pay. Of course, there are already more than a few person-to-person payment options already out there from PayPal, Facebook, Google, and others. Apple, however, has two distinct advantages: the service would come preloaded on the phones, and Apple already has hundreds of millions of users' bank information on file and ready to be used.

It's not likely that Apple would be interested in making money from its users if it did set up a peer-to-peer payment service; but it could be yet another move by the company to keep users locked into its devices and services. Click on the slideshow below to find out more.

Chris Neiger has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Apple, Facebook, MasterCard, PayPal Holdings, Visa, and Wells Fargo. The Motley Fool has the following options: short January 2016 $52 puts on Wells Fargo. The Motley Fool recommends Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.