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Affirm buy now, pay later loans will be embedded into Apple Pay later this year

Affirm will surface as an option for U.S. Apple Pay users on iPhones and iPads later this year.

For instance, while Apple's BNPL loan lets users repay purchases in four installments over six weeks, Affirm has an array of longer-term offerings that can be repaid over a year or more. "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," Mizuho Securities analyst Dan Dolev said in a research note. Thanks to the ubiquity of the iPhone, Apple Pay has more than 500 million users around the world and a leading market share in the U.S. for its mobile payment and digital wallet platform.

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