Afterpay (ASX:APT) share price higher following PayPal’s BNPL update

The Afterpay Ltd (ASX: APT) share price is pushing higher on Friday following an update from one of its newest and arguably biggest competitors.

In afternoon trade, the payments company’s shares are up 2% to $149.41.

This leaves the Afterpay share price trading just a touch short of its record high.

What was the update?

Overnight, payments giant PayPal released its fourth quarter results and provided the market with an update on how its buy now pay later (BNPL) offering was performing. This follows the launch of the service during the quarter.

For the three months ended 31 December, PayPal delivered total BNPL payment volume of US$750 million. It also finished the period with over 10,000 merchants and nearly 3 million active…