magento2.4.1 – Magento 2.4.1: We cannot retrieve payment information object instance

The store has recently been upgraded to Magento 2.4.1. When trying to move to payment methods page from checkout by clicking the next button, message “We cannot retrieve payment information object instance” is displayed. I don’t seem to find any setting that I can check in the admin to fix this. Please advise what can I try to fix it?