Investing.com -- Affirm shares could see further upside after the buy-now-pay-later (BNPL) provider expanded its partnership with Apple Pay to include in-store checkout, according to Evercore ISI.

“Consistent with its previous communication, Affirm announced an extension of its partnership with Apple Pay allowing users to opt for BNPL checkout options in-store directly through their Apple Pay wallet,” Evercore ISI wrote.

Until now, Affirm’s BNPL services were limited to in-app purchases or the use of the Affirm card.

The analysts said this development “reinforces our growth thesis for AFRM as its best-in-class BNPL product can now more easily and conveniently access untapped in-store GMV through Apple Pay’s tap-to-pay platform.”

Evercore highlighted that Apple Pay’s network is estimated to be available at roughly 80% of global point-of-sale terminals, making the potential reach significant.

Industry data suggests the in-store commerce opportunity is more than five times larger than e-commerce.

With digital wallets already accounting for over one-third of checkout share, Evercore said the Apple Pay integration could be “accretive even with marginal share gains.”

The analysts tested the new feature with iOS 26 and described the onboarding process as “pretty smooth,” boosting confidence in adoption potential.

They expect more detail on usage during Affirm’s September earnings call and noted that the partnership could help sustain “mid-to-high 20%s GMV growth into FY28.”

Evercore acknowledged that Klarna also appears as an option within Apple Wallet’s “Pay Later” tab, reflecting the industry’s preference for non-exclusive strategies.

But it stressed Affirm’s positioning: “We view this advancement as a significant opportunity that reinforces BNPL’s secular growth tailwinds, and for AFRM to benefit more than other platforms given its top tier status.”