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Capital One Financials $35.3 billion deal for Discover Financial would create new competition for payments behemoths Visa and Mastercard , potentially helping smoothen the path for regulatory approval, analysts said.

Angus Mordant/Bloomberg via Getty Images(NEW YORK) -- Capital Ones decision to acquire Discover could establish a new megafirm that shakes up the credit card industry.The move may hold long-term implications for credit card holders, regardless of whether they bank with Capital One or shop with Discover, experts told ABC News.If approved by shareholders and regulators, the merger would leave Capital One in a stronger market position, potentially allowing the company to offer more attractive bonus...

Capital One’s $35.3 billion deal to buy Discover is a long way from being completed.

Angus Mordant/Bloomberg via Getty Images(NEW YORK) -- Capital Ones decision to acquire Discover could establish a new megafirm that shakes up the credit card industry.The move may hold long-term implications for credit card holders, regardless of whether they bank with Capital One or shop with Discover, experts told ABC News.If approved by shareholders and regulators, the merger would leave Capital One in a stronger market position, potentially allowing the company to offer more attractive bonus...

The proposed acquisition would create the biggest credit card company in the US.

"A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller," said Matt Schulz, chief credit analyst at LendingTree.

Capital One announced it was acquiring a rival financial services company in a massive stock deal, according to the New York Times.

Capital One announced on Monday it was acquiring a rival financial services company in a massive stock deal as Americans continue to be plagued with credit card debt, according to the New York Times.

Capital One's $35.3 billion acquisition of Discover Financial would likely renew competition for Visa and Mastercard, which have long dominated the payment processing industry.

Capital One plans to acquire the credit card company in a deal valued at $35.3 billion