Affirm Holdings Inc (NASDAQ:AFRM) shares are volatile in afternoon trading Monday following a report suggesting Apple Inc (NASDAQ:AAPL) is discontinuing Apple Pay Later.

What To Know: According to a report from 9to5Mac, Apple will stop offering its Apple Pay Later service that launched in the United States last year.

"Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.," Apple reportedly said in a statement to 9to5Mac.

"Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders."

Users with active loans through Apple Pay Later will still be able to continue to manage payments through the Apple Wallet App, but the Apple Pay Later service is reportedly no longer available as of Monday.

Affirm is considered one of the leaders in the Buy Now, Pay Later space. The company offers a platform for digital and mobile first commerce, consisting of a point-of-sale payment solution, merchant commerce solutions and a consumer-focused app.

AFRM Price Action: Affirm shares spiked on the report before paring gains, with the stock slightly down 0.20% at $30.83 at the time of publication, according to Benzinga Pro.

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