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Affirm stock rallies on the back of Apple Pay partnership

Affirm (AFRM) shares are trading higher Wednesday, buoyed by the buy now, pay later company's recently announced partnership with Apple (AAPL). This alliance will allow Apple Pay users to leverage Affirm's loan options for their payments.

Following this development, Affirm's CEO Max Lechvin joined Yahoo Finance for an exclusive interview, saying, "The idea of unbundling the credit card is here to stay."

Yahoo Finance's Madison Mills and Seana Smith break down the details.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Angel Smith

Video transcript

Speaking of some consumer related news here, shares of a firm still on the move up over 12% here.

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This comes after the buy.

Now pay later provider disclosed a partnership with Apple that they say could drive user growth.

Our very own executive editor, Brian Sazi spoke with the firm CEO following that news, take a listen, things that are worth doing, take a long time.

And you know, if you look at another really amazing part of virus is Shopify.

So it, it's in its third year and it's accelerating and that just shows that when you build something really well, it takes time.

But if you put the right foundation in and continue iterating, you really get some extraordinary results.

And I think with this announcement speaks to probably more than certainly a lot more than just affirm the idea of unbundling the credit card is here to stay.

Well, that part I think is the key thing to watch because obviously they're going to talk about how it's a bullish signal for the stock that's fine.

Of course, the CEO is going to say that but the unbundling of the credit card space that could be an indication of this kind of solidification of the fintech wave.

And I'm curious what that is going to mean for some of the bigger credit card providers in the space?

Could that end up being a head one for them as Apple pay becomes even more accessible for consumers?

What does that mean for the JP Morgans of the world?

I don't think they're too worried about it but they're not too worried about it, but, but he does bring, bring up a good point, right?

Just in terms of some of the new innovation, some of the trends that we have seen the lack of loyalty that maybe uh could uh come up in the coming years as we do have these types of offering, take hold and become more and more popular.

So again, I I it it's not too far out of the realm of possibilities and I think it is something when you talk about the evolution of this space and ultimately what the space is going to look like over the next 3 to 5 years, I think it's going to look extremely different from what it looks like today.

And at least when you take a look at this, at the investor reaction to this partnership that they did announce here with Apple, it's doing a lot for the stock.

You're looking at gains once again here today, up nearly 12%.

So again, a lot of excitement surrounding this JP Morgan out with instant reactions and that they estimate the Apple pay for the high single digit percentage of us e commerce volumes are really speaks to the growing presence, the growing popularity.

And I think ultimately, maybe what that number could look like a few years out, you think would be a lot higher than what it is today.

Just given the rising popularity of apple pay over the last even last year.

Pretty amazing.

You never are gonna rebuff a partnership with a name like Apple.

And that's obviously working for the stock though, since the IP O though the stock down 70% year to date down 20% so much need to move to the upside for them.