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PayPal Drops on Concern Apple Pay Threatens Web Payments Volume

PayPal Holdings Inc. fell Thursday on concern the potential expansion of Apple Pay to mobile browsers threatens a portion of the company’s payments volume.

PayPal shares lost 4.7 percent, the most since February, at 11:19 a.m. in New York, after slumping as much as 8.7 percent earlier in the day. Re/code reported Wednesday that Apple Inc.’s digital payments service will expand to websites later this year and will be available to shoppers using Apple’s Safari browser on iPhone and iPad models that feature Apple’s Touch ID fingerprint technology.