Affirm Holdings Inc (NASDAQ:AFRM) shares are trading lower Monday after Apple Inc (NASDAQ:AAPL) unveiled a new buy now, pay later program at its 2022 Worldwide Developers Conference.
Apple's new "Apple Pay Later" product will allow users to make purchases using Apple Pay, and instead of paying in full, Pay Later users can make four payments over the span of six weeks without being charged any fees. Apple said users will be able to manage payment plans in the Apple Wallet app.
Affirm is a "buy now, pay later" company which shows its customers exactly what they will pay up front and allows them to make payments over time.
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AFRM Price Action: Shares of Affirm turned sharply lower when Apple debuted its competing payments product, but the stock has since bounced off the lows.
Affirm shares were down 5.22% at $23.79 at press time, according to data from Benzinga Pro.
Photo: courtesy of Affirm.
