Affirm Holdings, Inc.

An updated edition of the September 3, 2025 article.
Mobile payments are transforming the way money moves in a connected world. From smartphones and tablets to wearables, digital transactions are now replacing the need for physical cash or cards. What started as a convenience has evolved into a dynamic financial ecosystem that blends technology, trust and speed. Powered by digital wallets like Apple Pay, Google Pay, and PayPal, and underpinned by technologies such as Near Field Communication (NFC), QR codes and in-app checkout, mobile payments are redefining how consumers and businesses interact globally.
The rapid spread of smartphones and fintech innovation has accelerated this evolution. Emerging technologies, including blockchain and artificial intelligence, are improving transparency, enhancing fraud detection, and cutting transaction times. At the same time, “super apps” such as WeChat Pay, Alipay and PhonePe are turning everyday messaging and shopping experiences into seamless financial journeys.
Even OpenAI entered the space in October 2025 with a pilot in India that lets users make purchases and UPI payments directly within ChatGPT. This shows how conversational commerce and Agentic AI may shape the next phase of digital payments, reducing friction and boosting conversion rates.
The rise of e-commerce and stronger digital infrastructure is adding further momentum. Modern payment platforms are no longer just transaction tools; they are comprehensive financial dashboards linking multiple cards, accounts and services in one interface. This convenience and integration are fueling mass adoption. Companies such as Capital One Financial Corporation COF, Affirm Holdings, Inc. AFRM, Marqeta, Inc. MQ and NCR Voyix Corporation VYX are racing to capture market share through deeper partnerships with banks, merchants and marketplaces. Our Mobile Payments Screen is designed to help identify the most promising names in this fast-moving industry.
Regulators are also evolving to keep pace, launching initiatives focused on security, data privacy and financial inclusion, from FedNow in the United States to Europe’s PSD2 directive and India’s UPI. According to Fortune Business Insights, the global mobile payments market, valued at $3.84 trillion in 2024, is projected to surge to $26.53 trillion by 2032, a staggering 27% CAGR that underscores the sector’s unstoppable momentum.
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4 Mobile Payments Stocks to Buy Now
Capital One is reinforcing its mobile payments leadership through a digital-first banking ecosystem powered by its robust credit card network. The Capital One Mobile app integrates effortlessly with wallets like Apple Pay and Google Pay, allowing users to add cards instantly and make secure and contactless, in-app transactions. By mirroring the same rewards and cash-back benefits as physical cards, the company ensures customers experience full value while deepening loyalty to its digital channels.
Beyond payments, the app functions as a complete financial hub, offering mobile check deposits, real-time account tracking, biometric authentication, instant Zelle transfers, card lock and unlock controls and even subscription management. Its AI assistant, Eno, enhances convenience with proactive fraud alerts and tailored spending insights, delivering a seamless and intelligent user experience.
The strategy is yielding strong results. Digital wallet-enabled spending continues to surge, boosting interchange income and supporting a 34% year-over-year rise in credit card net revenue over the first nine months of 2025. Backed by its acquisition of Discover Financial and expanded investment in AI innovation, Capital One is solidifying its position as a major force in U.S. mobile payments, blending technology, trust and scale to drive sustainable growth. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NCR Voyix is reinventing mobile payments for the retail and restaurant industries with solutions focused on speed, convenience and superior customer experience. The company accelerated its mobile technology rollout in 2024 through expanded partnerships with Glia and Olo, and introduced a standout innovation: Aloha Pay-At-Table, developed alongside payment platform Sunday. Diners can now scan a QR code, view their bill, split the cost and pay in under ten seconds, driving faster turnover and a 10 % uptick in tips for servers.
Aloha Cloud caters to small restaurants and growing chains with an agile, cloud-based POS solution, while Aloha Essentials offers a powerful Windows-based platform built for larger, high-volume establishments with more complex operational needs. It forged a major tie-up with Worldpay, integrating its advanced processing technologyinto NCR Voyix’s platform to offer a unified payments and POS solution, supporting merchants across 135 currencies and 146 countries.
Momentum is visible in the numbers: as of second-quarter 2025, platform sites topped 78,000 (up 16 % YoY) while payment sites reached 8,000 (up 3 % YoY). With global reach and innovative payment integrations, NCR Voyix is carving out a leadership role in the mobile-first commerce era. It currently has a Zacks Rank #1.
Affirm is strengthening its foothold in mobile payments through its core Buy Now, Pay Later (BNPL) platform, offering consumers flexible and transparent financing options. Its mobile app enables users to shop online, in-store, and directly within the app at partnered brands, splitting purchases into manageable payments with no hidden fees. The Affirm Card, a Visa debit card linked to the app, extends this convenience to any merchant and retailer that accepts Visa, supporting both physical and digital transactions.
Expanding its reach, Affirm has integrated with digital wallets like Apple Pay and Google Pay, giving users more payment options. For merchants, the company offers mobile Software Development Kits for iOS and Android, allowing seamless embedding of Affirm’s payment experience into their own apps. This enhances conversion for the merchants and stimulates customer loyalty.
Affirm’s global ambitions are accelerating. After a successful launch in the U.K., it plans to expand across Western Europe, starting with France, Germany, and the Netherlands, through a strategic partnership with Shopify, with a relaunch in Australia on the horizon. With access to more than 375,000 merchants, product innovations and rising demand for its 0% APR plans, Affirm is positioning itself as a key force in the mobile payment space. It currently has a Zacks Rank #2 (Buy).
Marqeta powers mobile payments via its next-generation card-issuing platform, enabling businesses to embed digital payments seamlessly into apps and wallets. In 2024, it rolled out Marqeta Flex, a BNPL solution developed alongside Klarna, Affirm and leading workforce payments platform Branch, allowing personalized installment options to plug directly into consumers’ preferred payment flows.
The company’s open API architecture is a key differentiator; it enables developers to craft highly flexible, tailored payment experiences. From real-time transaction processing and tokenization to contactless payments and peer-to-peer (P2P) transfers, Marqeta’s modular system gives partners the tools to stay ahead of evolving consumer expectations while keeping interactions secure.
The company’s growth trajectory is reinforced by strong performance: in Q2 2025, Marqeta processed $91 billion in total payments volume, a 29 % year-over-year increase. Expansion continues globally, supported by new product launches and broadened geographic reach. One standout is the Bitpanda Card, available across 26 European countries and enabling customers to spend both crypto and fiat currencies in everyday transactions. By bridging digital assets with mainstream payments, Marqeta is staking a strong claim in the future of mobile payments.It currently has a Zacks Rank #2.
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Cash is Old School, Code is Cool: Top Mobile Payment Stocks to Buy

The payments world is in the middle of a dramatic transformation. For decades, credit card titans like Visa Inc. V ruled the global transaction network, setting the gold standard for speed, security and reliability. Now, the rise of digital-first players such as Affirm Holdings, Inc. AFRM is rewriting the rules, offering consumers flexible, transparent and often interest-free ways to finance their purchases.
As shoppers increasingly move away from traditional credit toward installment-based models, the “buy now, pay later” (BNPL) revolution has become one of the most powerful forces reshaping modern finance. Visa remains a fortress of profitability and scale, while Affirm represents the tech-savvy challenger catering to new-age consumers who value clarity and choice over revolving debt.
It is a classic matchup of legacy dominance versus digital disruption: Visa, the credit card king that built the past, against Affirm, the BNPL upstart defining the future. So, who is better positioned to ride the next great wave in payments? Let’s dive in.
The Case for Visa
Visa’s dominance across the global payments landscape is unrivaled. Operating in more than 200 countries, Visa processes an enormous share of the world’s transactions, expected to surpass 257 billion in fiscal 2025. That scale forms the foundation of its durable business model: Visa earns high-margin revenue through transaction fees, licensing and value-added services, without taking on direct credit risk like lenders do.
In the last reported quarter, Visa’s net revenues climbed 14.3% year over year to $10.2 billion, powered by robust cross-border volumes and strong consumer spending resilience. Payments volume grew 8%, while cross-border transactions rose 12%, underscoring the strength of global commerce. Adjusted operating income rose 14.9% to $6.9 billion, keeping Visa’s margins comfortably close to 68%.
Its balance sheet remains pristine, with a long-term debt-to-capital ratio of just 33.6%, far lower than Affirm’s 71.8%. That financial strength gives Visa tremendous flexibility to invest, repurchase shares, and weather downturns.
However, the payments landscape is evolving quickly. Younger consumers are gravitating toward flexible, short-term payment options instead of revolving credit cards. That trend plays directly into the hands of BNPL players like Affirm. Moreover, Visa’s growth in mature markets is expected to slow as card penetration approaches saturation, limiting upside compared with nimble fintechs expanding into new segments.
Regulatory scrutiny is also intensifying. Authorities in the United States and the U.K. have raised concerns about the duopoly between Visa and Mastercard Incorporated MA, which could constrain their pricing power or invite legal challenges.
To its credit, Visa is not standing still. It continues to invest in tokenization, real-time payments and BNPL partnerships, while experimenting with blockchain and stablecoin-powered cross-border settlements. The latter is expected to be transformative, reducing friction, cutting costs and freeing up capital trapped in banking intermediaries.
Visa currently trades below its average analyst price target of $398.16, implying 15.2% upside. Yet, compared with Affirm’s faster growth and higher return potential, Visa may represent steady reliability rather than explosive opportunity. Affirm trades below its average analyst price target of $95.50, leaving a potential for 30.7% upside.
The Case for Affirm
Affirm has rapidly become one of the most recognized names in BNPL, a category that is redefining how consumers pay for everything from electronics to groceries. The company’s transparent, interest-free installment loans appeal to shoppers wary of credit card debt, while merchants benefit from higher conversion rates and average order values.
Affirm’s merchant network spans more than 377,000 partners, including household names like Amazon, Shopify and Costco, giving it prime visibility at the digital checkout counter. That integration ensures millions of consumer touchpoints daily, strengthening brand loyalty and usage frequency. Its latest results tell a story of momentum and scale. In the fourth quarter of fiscal 2025, Affirm’s gross merchandise volume (GMV) soared 43% year over year to $10.4 billion, driven by rising transaction frequency and broader category adoption. Active consumers climbed 24% to 23 million, and the repeat transaction rate hit 95%, underscoring high customer satisfaction and stickiness.
Affirm’s edge lies in its data-driven underwriting model, powered by AI algorithms that assess real-time credit risk. This has helped reduce delinquency even as it expands. While profitability remains a work in progress, the company’s improving operating efficiency and expanding scale are boosting margins steadily. Importantly, its strategic push into everyday purchases, travel, gaming and small-ticket items opens the door to recurring, high-frequency usage, a key to sustainable growth.
Affirm does face competition from established networks and other BNPL providers like Klarna Group plc KLAR and Afterpay. Walmart’s decision to shift from Affirm to Klarna highlighted how fragile those relationships can be. Still, Affirm’s transparent fee structure, strong brand identity, and deep API integration with retailers make it one of the most trusted BNPL platforms in the market. In an era where consumers crave financial flexibility and transparency, Affirm’s technology-first strategy and strong merchant ties give it a unique growth runway. As Visa adapts to protect its turf, Affirm is sprinting ahead to capture the next generation of digital spenders.
How Do Zacks Estimates Compare for V & AFRM?
While Visa’s growth outlook is steady, Affirm’s projections reflect a company in transformation, one that is scaling toward sustainable profitability and expanding its total addressable market.
The Zacks Consensus Estimate for Visa’s fiscal 2025 earnings is pegged at $11.43 per share, a 13.7% year-over-year growth, reflecting solid but mature expansion. Revenues for the current year are expected to reach $39.8 billion, a jump of 10.9% from a year ago. It beat earnings estimates in each of the past four quarters with an average surprise of 3.9%.
Visa Inc. Price, Consensus and EPS Surprise
In contrast, Affirm’s fiscal 2026 earnings estimate stands at 85 cents per share, marking a remarkable 466.7% surge year over year, while revenues are expected to jump 23.8%. AFRM has also beaten earnings estimates in each of the past four quarters, but with an average surprise of 105.5%.
Affirm Holdings, Inc. Price, Consensus and EPS Surprise
Valuation: V vs. AFRM
On a price-to-sales basis, Visa sits at 13.86X forward revenues, significantly above Affirm’s multiple of 5.29X. Affirm’s cheaper P/S multiple leaves room for significant growth as business expansion accelerates.
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Price Performance Comparison
Visa has returned 15.4% in the past year, buoyed by resilient spending trends and market optimism. Affirm, on the other hand, has delivered a stunning 55.1% return, riding the tailwinds of surging BNPL adoption and operational improvements. The S&P 500 gained 16.2% during the same period.
Price Performance – V, AFRM & S&P 500
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Conclusion
Visa remains a financial titan, steady, profitable, and globally dominant. But the payments ecosystem is evolving, and consumers are rewriting the rules of credit. Affirm’s rapid growth, advanced underwriting, and expanding merchant network position it to benefit directly from this generational shift.
While Visa continues to deliver consistent returns, Affirm looks better poised for outsized gains, thanks to its business model and long runway for adoption. For investors betting on where payments are headed next, the BNPL rebel is likely to just outpace the credit card king. Affirm currently has a Zacks Rank #2 (Buy), while Visa has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Visa vs. Affirm: Can the BNPL Rebel Charge Past the Credit Card King?

Visa Inc. V is making waves in the world of AI-driven payments with the introduction of its Trusted Agent Protocol, a framework designed to secure agent-driven commerce. Developed in partnership with Cloudflare, the protocol facilitates secure communication between AI agents and merchants, allowing retailers to easily verify genuine agents and avoid malicious bots.
As AI continues to enhance online shopping experiences, whether it is through personalized recommendations or streamlined payment processes, it is becoming essential to differentiate between trustworthy agents and harmful bots. This initiative is designed to help merchants confirm the authenticity of AI agents that represent consumers, paving the way for a safer and more consistent environment for digital transactions. By establishing a system of trust among merchants, consumers and AI intermediaries, V is tackling one of the biggest challenges in the growth of agent-based commerce.
Early partners such as Microsoft, Shopify, Stripe, Coinbase and Worldpay have shared valuable insights into the design, indicating a strong alignment within the ecosystem. The company aims to create a protocol that is open and interoperable, complementing other emerging standards. This will help ensure smooth cross-platform transactions in the AI-driven economy.
Visa is solidifying its position in the digital payments arena by fostering trust in AI-driven commerce. If widely adopted, the Trusted Agent Protocol could become the foundational trust element for the next wave of commerce, connecting today’s payment system with the intelligent, autonomous economy of the future.
How Are Competitors Faring?
Some of V’s competitors in the fintech space include Mastercard Incorporated MA and Affirm Holdings, Inc. AFRM.
Mastercard is advancing its AI commerce strategy with Mastercard Agent Pay. This innovative protocol is designed to enable secure, intelligent and trustworthy transactions between AI agents and merchants. By focusing on authorization and data integrity, Mastercard aims to ensure AI agents interact securely with merchants, boosting confidence in automated payments.
Affirm is deepening its role in the world of AI-driven commerce by supporting Google’s Agent Payments Protocol. This partnership allows Affirm’s buy now, pay later services to integrate with AI agents, creating secure, transparent and smooth payment experiences across digital platforms and smart shopping environments.
Visa’s Price Performance, Valuation & Estimates
Over the past year, shares of Visa have jumped 24.6% compared with the 1% rise of the industry.
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From a valuation standpoint, V trades at a forward price-to-earnings ratio of 26.59, above the industry average of 21.23. V carries a Value Score of D.
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The Zacks Consensus Estimate for Visa’s fiscal 2025 earnings implies a 13.7% jump from the year-ago period.
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Visa stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Will Visa's New Protocol Reinforce Confidence in Agent-Based Commerce?

Shares of Affirm Holdings, Inc. AFRM have been on a tear, surging 76% over the past six months, handily outperforming the broader market and peers. During the same period, the industry advanced 32.2%, while the S&P 500 gained 23.1%. Affirm’s rally has eclipsed other buy now, pay later (BNPL) names such as PayPal Holdings, Inc. PYPL and Block, Inc. XYZ.
The strong run stems from upbeat financials, a string of strategic partnerships, bullish guidance, and continued innovation that is boosting recurring revenue streams. With such a steep climb, investors are asking: Is Affirm’s story just heating up, or is it due for a breather? Let’s dig deeper.
Price Performance – AFRM, PYPL, XYZ, Industry & S&P 500
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Favorable Earnings Estimates for AFRM
Analysts remain optimistic about Affirm’s trajectory. The Zacks Consensus Estimate for Affirm’s fiscal 2026 earnings is pegged at 84 cents per share, a dramatic leap from 15 cents a year ago. Looking further ahead, fiscal 2027 earnings are expected to climb another 72% year over year. Top-line projections are also strong, with fiscal 2026 and 2027 expected growth rates at 23.8% and 22.5%, respectively.
Affirm expects gross merchandise volume to reach $46 billion in fiscal 2026, up from $36.7 billion the previous year. Meanwhile, its adjusted operating margin is projected to expand to 26.1% compared with 24.1% in fiscal 2025.
Affirm has beaten earnings estimates for the past four quarters, with an average surprise of 105.5%.
Affirm Holdings, Inc. Price, Consensus and EPS Surprise
Focus on Expansion
Affirm is aggressively scaling beyond U.S. borders, leveraging its partnerships. Following its successful entry into the U.K., the company is preparing to expand into Western Europe, starting with France, Germany and the Netherlands, through a strategic tie-up with Shopify. It also intends to relaunch in Australia. With access to over 377,000 merchants, these expansions could open lucrative new growth corridors.
Beyond geography, Affirm is targeting new verticals. A collaboration with Xsolla positions the company to penetrate the fast-growing gaming segment, capturing younger, digital-first consumers. This diversification strengthens its presence beyond core retail and travel sectors. Affirm is also expanding its product suite. Alongside BNPL, it is investing in debit-based solutions and business-to-business payment tools, paving the way for a broader financial ecosystem.
One of its most promising tailwinds is the extended partnership with Apple Pay, which will boost in-store BNPL adoption. Meanwhile, the latest collaboration with Google could reshape Affirm’s digital footprint, embedding its services into AI-driven and cross-platform purchase experiences. As agent-led commerce gains traction, this integration will likely be a game-changer for AFRM’s visibility and growth.
AFRM’s Valuation
Investors are clearly pricing in Affirm’s strong growth profile and expanding market share. It is trading at 5.62X forward 12-month sales, slightly above the industry average of 5.46X, yet notably higher than its three-year median of 3.85X. By comparison, PayPal and Block trade at 1.90X and 1.73X forward sales, respectively.
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Focus on Repeat Customers
Affirm’s strength lies in customer loyalty. In the fiscal fourth quarter, a striking 95% of transactions came from returning users, underscoring brand trust and predictable recurring revenue. The company’s emphasis on smaller, high-frequency purchases is building steadier cash flow and deepening engagement.
Demand for 0% APR installment plans has been explosive, soaring 93% year over year in the fiscal fourth quarter and representing 14% of total GMV. Overall, total transactions jumped 45.6% year over year to 31.3 million, highlighting sustained user activity and platform stickiness.
By offering transparent payment terms and reducing cart abandonment rates for merchants, Affirm continues to reinforce its value proposition for both shoppers and partners, which is a vital competitive edge in an increasingly crowded BNPL field.
AFRM’s Key Risks to Watch
As of fiscal 2025-end, Affirm carried a long-term debt of $7.8 billion. Although it is still a growing company, its long-term debt-to-capital ratio of 71.8% is significantly higher than the industry average of 13.7%, which remains a concern. It needs to deliver consistent profitability in the coming quarters to strengthen investor confidence in its ability to manage and service its obligations.
Competition, too, remains fierce. Walmart’s switch from Affirm to Klarna Group plc KLAR highlights the fragility of merchant relationships in the BNPL space. Beyond Klarna, Affirm faces mounting pressure from PayPal, Block, and traditional banks and credit card companies that are introducing their own installment-payment offerings.
Conclusion
Affirm’s growth story remains compelling as it continues to pair rapid financial improvement with expanding global partnerships and a loyal user base. The company’s ability to drive recurring revenue through repeat transactions, strengthen margins and diversify across verticals like gaming and debit solutions showcases solid execution. While its elevated debt load and competitive pressures pose risks, Affirm’s growing scale, brand trust and integration with platforms like Apple Pay and Google support long-term momentum. Backed by strong earnings projections, Affirm currently carries a Zacks Rank #2 (Buy), reflecting significant upside potential. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Affirm Stock Jumps 76% in 6 Months: Buy Now, Thank Yourself Later?

Affirm Holdings, Inc. AFRM is deepening its partnership with Google by backing the Agent Payments Protocol (AP2). AP2 is an open standard, payment-agnostic protocol designed to facilitate secure, agent-led transactions across various platforms. By supporting AP2, AFRM isn’t just adding another integration; it is helping embed its flexible and transparent payment options into a whole new era of digital payments.
AFRM’s platform already integrates with Google Pay and Chrome’s autofill feature, and through AP2, its partnership with Google highlights AFRM’s commitment to responsible lending and consumer trust. By providing real-time assessments and instant credit decisions, often with 0% APR, AFRM allows users to access clear, interest-free installment plans without hidden fees. This could open new opportunities for the company to connect with new consumers and merchants.
This collaboration represents a pivotal moment in the world of payment innovation and the rise of agentic commerce. As AI assistants increasingly handle purchase decisions and financial interactions, AFRM’s integration within AP2 ensures its relevance in a fast-changing digital ecosystem. Also, it signals the company’s intent to diversify beyond BNPL and establish itself as a tech-savvy financial partner.
With this integration, AFRM positions itself at the forefront of agent-led payments, where trust, transparency and technology come together to redefine how consumers and AI agents transact securely. If AP2 gains traction, the company could benefit from increased transaction volumes, better brand recognition and stronger relationships with merchants in Google’s extensive ecosystem. AFRM’s total transactions surged 51.8% year over year in the fourth quarter of fiscal 2025.
How Are Competitors Faring?
Some of AFRM’s competitors in the fintech space are PayPal Holdings, Inc. PYPL and Visa Inc. V.
PayPal is making significant strides in the world of AI agents with the launch of its Agent Toolkit, which seamlessly links AI models to its payment APIs. PayPal’s total payment volume increased 6% year over year in the second quarter of 2025.
Visa is advancing rapidly in the world of AI agents with its Intelligent Commerce initiative. It is developing secure frameworks that enable AI agents to seamlessly interact with Visa’s payment APIs, carry out transactions and handle user preferences while ensuring transparency and control. Its processed transactions increased 10% year over year in the third quarter of fiscal 2025.
Affirm’s Price Performance, Valuation & Estimates
In the year-to-date period, AFRM’s shares gained 25.7% compared with the industry’s rise of 20.9%.
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From a valuation standpoint, AFRM trades at a forward price-to-sales ratio of 5.97, slightly above the industry average of 5.63. AFRM carries a Value Score of F.
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The Zacks Consensus Estimate for Affirm’s fiscal 2026 earnings implies 460% growth from the year-ago period. The consensus mark for fiscal 2026 revenues indicates 23.8% year-over-year growth.
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Affirm currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can Affirm & Google's AP2 Partnership Redefine Agent-Led Payments?

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Akero Therapeutics Inc (Symbol: AKRO), where a total of 8,313 contracts have traded so far, representing approximately 831,300 underlying shares. That amounts to about 69% of AKRO's average daily trading volume over the past month of 1.2 million shares. Especially high volume was seen for the $55 strike call option expiring November 21, 2025, with 1,252 contracts trading so far today, representing approximately 125,200 underlying shares of AKRO. Below is a chart showing AKRO's trailing twelve month trading history, with the $55 strike highlighted in orange:
Horton Inc (Symbol: DHI) options are showing a volume of 20,428 contracts thus far today. That number of contracts represents approximately 2.0 million underlying shares, working out to a sizeable 61.7% of DHI's average daily trading volume over the past month, of 3.3 million shares. Especially high volume was seen for the $140 strike put option expiring December 19, 2025, with 1,285 contracts trading so far today, representing approximately 128,500 underlying shares of DHI. Below is a chart showing DHI's trailing twelve month trading history, with the $140 strike highlighted in orange:
And Affirm Holdings Inc (Symbol: AFRM) saw options trading volume of 43,714 contracts, representing approximately 4.4 million underlying shares or approximately 61.5% of AFRM's average daily trading volume over the past month, of 7.1 million shares. Particularly high volume was seen for the $80 strike call option expiring October 10, 2025, with 4,173 contracts trading so far today, representing approximately 417,300 underlying shares of AFRM. Below is a chart showing AFRM's trailing twelve month trading history, with the $80 strike highlighted in orange:
For the various different available expirations for AKRO options, DHI options, or AFRM options, visit StockOptionsChannel.com.
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Noteworthy Thursday Option Activity: AKRO, DHI, AFRM

(RTTNews) - Affirm (AFRM) announced its support for Google's Agent Payments Protocol, an open, payment-agnostic protocol developed with leading payments and technology companies to securely support agent-led payments across platforms. The collaboration extends Affirm's partnership with Google.
Affirm said, by contributing to AP2, it is helping embed BNPL directly into the architecture of agentic commerce - and shaping a payments ecosystem designed for accountability and trust. The company said its technology already works across merchants and platforms - from wallets and browsers to chatbots and AI agents - proving BNPL can fit seamlessly wherever consumers choose to shop.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Affirm Extends Collaboration With Google With Support For Agent Payments Protocol

PayPal Holdings PYPL recently announced that U.S. customers will earn 5% cash back on PayPal BNPL online purchases, starting from Oct. 6, 2025, through the end of the year. With this move, the company aims to capitalize on holiday-season spending and support merchant growth.
PayPal is also introducing “Pay Monthly” for in-store use in the United States, providing shoppers with more flexibility to pay over time at their preferred stores. This option will offer the same 5% cash back and choice at checkout in-store. The rollout will happen over the coming weeks.
More than 80% of consumers who have used or considered BNPL are open to using it for holiday shopping this year. PayPal’s BNPL is a great opportunity for merchants to boost sales and improve customer loyalty by offering flexible payment options and cash back rewards.
PayPal is one of the leading providers of BNPL services worldwide. PYPL’s BNPL is a widely available solution, as it’s offered almost everywhere PayPal is used in its largest markets. The company’s BNPL offering lets shoppers split their purchases into convenient payments and earn cash back.
When consumers choose BNPL, their average order value is well ahead of a standard branded checkout transaction. In the second quarter of 2025, BNPL volume grew more than 20% year over year, while monthly active accounts expanded 18%.
How Are Block and Affirm Doing in the BNPL Space?
Block’s XYZ BNPL Gross Merchandise Value (GMV) grew 17% year over year to $9.11 billion in the second quarter of 2025, while Cash App’s gross profit per active user rose 15%. Re-payment schedule is strong, with 96% of installments paid timely and 98% avoiding late fees. Moreover, more than 95% of Afterpay GMV came from returning customers.
Affirm Holdings, Inc. (AFRM) reported a 45.6% year-over-year rise in total transactions to 31.3 million in the third quarter of fiscal 2025, fueled by a 94% repeat transaction rate. AFRM recently partnered with Ace Hardware, enabling the latter’s customers to select Affirm at checkout by scanning a QR code in participating stores.
PYPL’s Price Performance, Valuation & Estimates
Shares of PayPal have declined 16.4% year to date, underperforming both the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, PayPal shares are trading at a discount, as suggested by the Value Score of A. In terms of forward 12-month P/E, PYPL stock is trading at 12.59X, which is at a significant discount to the Zacks Financial Transaction Services industry’s 20.21X.
Image Source: Zacks Investment Research
PayPal’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2025 EPS has been revised upward over the past month. This consensus mark suggests 12.5% growth year over year.
Image Source: Zacks Investment Research
PayPal currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can PayPal's 5% Cash Back on BNPL Fuel Its Growth This Holiday Season?

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Affirm Holdings Inc (Symbol: AFRM), where a total of 51,384 contracts have traded so far, representing approximately 5.1 million underlying shares. That amounts to about 64.3% of AFRM's average daily trading volume over the past month of 8.0 million shares. Particularly high volume was seen for the $75 strike put option expiring October 03, 2025, with 15,886 contracts trading so far today, representing approximately 1.6 million underlying shares of AFRM. Below is a chart showing AFRM's trailing twelve month trading history, with the $75 strike highlighted in orange:
Sunrun Inc (Symbol: RUN) saw options trading volume of 65,207 contracts, representing approximately 6.5 million underlying shares or approximately 63.7% of RUN's average daily trading volume over the past month, of 10.2 million shares. Especially high volume was seen for the $5 strike put option expiring January 15, 2027, with 19,110 contracts trading so far today, representing approximately 1.9 million underlying shares of RUN. Below is a chart showing RUN's trailing twelve month trading history, with the $5 strike highlighted in orange:
And Atlassian Corp (Symbol: TEAM) options are showing a volume of 14,749 contracts thus far today. That number of contracts represents approximately 1.5 million underlying shares, working out to a sizeable 63.7% of TEAM's average daily trading volume over the past month, of 2.3 million shares. Especially high volume was seen for the $160 strike call option expiring October 17, 2025, with 1,859 contracts trading so far today, representing approximately 185,900 underlying shares of TEAM. Below is a chart showing TEAM's trailing twelve month trading history, with the $160 strike highlighted in orange:
For the various different available expirations for AFRM options, RUN options, or TEAM options, visit StockOptionsChannel.com.
Also see:
Monthly Dividend Paying Stocks
Institutional Holders of PAYA
TDS Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Wednesday Option Activity: AFRM, RUN, TEAM

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Dow Jones U.S. ETF (Symbol: IYY), we found that the implied analyst target price for the ETF based upon its underlying holdings is $162.16 per unit.
With IYY trading at a recent price near $145.50 per unit, that means that analysts see 11.45% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of IYY's underlying holdings with notable upside to their analyst target prices are BILL Holdings Inc (Symbol: BILL), Liberty Global Ltd (Symbol: LBTYA), and Penumbra Inc (Symbol: PEN). Although BILL has traded at a recent price of $41.40/share, the average analyst target is 61.23% higher at $66.75/share. Similarly, LBTYA has 51.18% upside from the recent share price of $9.75 if the average analyst target price of $14.74/share is reached, and analysts on average are expecting PEN to reach a target price of $318.62/share, which is 24.22% above the recent price of $256.50. Below is a twelve month price history chart comparing the stock performance of BILL, LBTYA, and PEN:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
iShares Dow Jones U.S. ETF
IYY
$145.50
$162.16
11.45%
BILL Holdings Inc
BILL
$41.40
$66.75
61.23%
Liberty Global Ltd
LBTYA
$9.75
$14.74
51.18%
Penumbra Inc
PEN
$256.50
$318.62
24.22%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Affirm Holdings, Inc.

Market sentiment

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Long

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