2 Reasons Investors Should Love Apple Pay Later

Apple (NASDAQ: AAPL) unveiled its own buy now, pay later (BNPL) service, called Apple Pay Later, at its virtual Worldwide Developers Conference (WWDC) earlier this month. The service, integrated into Apple Pay, could provide a nice boost to Apple's increasingly important services business, and represents a threat to established BNPL service providers like Affirm and PayPal Holdings (NASDAQ: PYPL).

With the growing popularity of buy now, pay later, Apple Pay Later could provide a nice boost to Apple's services business. Here are two reasons for investors to get excited about Apple Pay Later.

Apple Pay is still incredibly underutilized by Apple device owners. While a large percentage of iPhone owners have set up Apple Pay, just 6% of them use it for in-store purchases, according to a survey from PYMNTS last fall. That's despite the fact that most merchants are already capable of accepting Apple Pay.

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Source Fool.com