Affirm’s payment products will be available to Apple Pay users this year Shares of Affirm Holdings Inc. rallied Tuesday, after the provider of buy-now-pay-later payment options disclosed a partnership with Apple Inc.

Affirm’s stock AFRM, +5.06% charged as much as 11.6% higher to an intraday high of $33.98 moments after the opening bell, before paring gains. It was recently up 5% in midday trading.

Affirm said it was announced by Apple AAPL, +5.86% on Tuesday that its payment products are expected to be available to Apple Pay users in the U.S. later this year.

“This will enable those users checking out online or in-app with Apple Pay on iPhone and iPad to be able to apply to pay over time with Affirm,” the company said.

“We’ll plan to share more details at a later time,” a spokesperson said in an emailed statement to MarketWatch.

Read more: MarketWatch’s coverage of Apple’s WWDC event

Meanwhile, Affirm said it didn’t expect the Apple partnership to have a material impact on revenue or gross merchandise volume in fiscal year 2025, which runs through next June.

Still, Mizuho analyst Dan Dolev reiterated the buy rating he’s had on Affirm’s stock for at least the past three years, saying the partnership solidifies Affirm’s “moat.”

“The news is a big positive for [Affirm], especially since the stock traded down several times in the past when Apple announced its entry into [buy-now-pay-later],” Dolev wrote in a note to clients. “The bottom-line — in our view — is that Affirm’s strong brand and sophisticated underwriting technology have a moat that Apple likely could not replicate on its own.”

Shares of Affirm’s rivals were taking a hit in the wake of Apple partnership news. PayPal Holdings Inc.’s stock PYPL, -3.29% dropped 2.9% in midday trading Tuesday and Block Inc. shares SQ, -1.91% shed 1.7% to put them on track to close at a five-month low.