Buy now, pay later provider Affirm could see a 35% boost in its gross payments volume in the next fiscal year compared to average analyst estimates for the period thanks to a partnership with tech giant Apple, according to a Friday analyst note by Mizuho Securities’ managing director Dan Dolev.

Dolev’s forecast was based on figures from payment processor Worldpay estimating Apple’s payment service represented about $265 billion in U.S. payment volumes, and that BNPL accounts for about 5% of e-commerce payment volumes, meaning that Affirm may generate an additional $12 billion from the Apple Pay partnership.

Cupertino, California-based Apple announced earlier this month that it was opening up its payment service to Affirm, as well as other firms with similar installment financing plans later this fall. Apple then announced that it was shuttering its own BNPL service that same week.

San Francisco-based Affirm has said that it expects the partnership to have no material impact on its profit and loss statements for its coming fiscal year, which will start on July 1 and end on June 30, 2025. The BNPL provider’s chief financial officer Michael Linford explained that the company wanted a “very thoughtful and controlled” approach to the launch during a shareholder event this month.

Affirm also expanded its services in the U.S. earlier this month, adding two more payment plans in a bid to displace credit cards at checkout. One plan allows consumers to pay for a purchase in two equal installments in a 30-day period and another lets them pay the full amount within the same time frame.