Almost 15 months after its announcement, Capital One Financial Corp.'s takeover of Discover Financial Services was officially completed on Sunday, creating the largest credit-card issuer by loan volume in the US.

The card processor came up short on expected profits but hit analysts' estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.

Super apps such as AliPay and WeChat Pay have carved out immense market share by enticing users as a one-stop shop for their payment, shopping and social needs in a model that many U.S.-based companies have tried to replicate. But what makes a super app successful, and how easy are they to launch?

The credit card issuer trimmed its outlook on revenue and average loan growth, but maintained its target for net loss rates against the backdrop of an otherwise solid quarter. The company also announced a new co-branded credit card with Crypto.com. 

Capital One outlined some of its to-do items as it integrates with Discover, which include long-haul investments in technology, global marketing and risk management.

Synchrony Financial stands to benefit from the undoing of a Biden-era cap on credit card late fees. Company executives said that Tuesday that they won't be rolling back changes they implemented to compensate for revenue the company would have lost.

Both the Federal Reserve and the Office of the Comptroller of the Currency signed off on the $35 billion transaction, which has faced opposition since it was announced last February.

A federal judge in Texas found that the Consumer Financial Protection Bureau had violated the CARD Act by barring banks from charging late fees for credit cards.

In a settlement with bank trade groups that sued the Consumer Financial Protection Bureau, the Trump administration has agreed to drop the credit card late fee rule with prejudice.

The Bank of Lithuania contends the U.S. fintech broke anti-money-laundering rules; while British contactless payments hit a record. That and more in the American Banker global payments roundup.

The proposed $35 billion merger between Capital One and Discover cleared a major regulatory hurdle as the Justice Department told financial regulators in a confidential memo that it didn't have sufficient evidence to block the transaction.

Visa and American Express are both reportedly trying to lure Apple's lucrative credit businesses away from Mastercard. But the battle over processing rights is just as much about accessing the technology company's digital wallet as it is about boosting transactions.

A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value and raising concerns about an illegal interstate compact.

Jack Dorsey's payments company cut 931 jobs. Also: Western Union looks to artificial intelligence; Marqeta adds an e-marketplace; Westpac takes on scams; and more news in the global payments and fintech roundup.

The Consumer Financial Protection Bureau said it is "optimistic" that a lawsuit challenging the $8 credit card late fee rule can be resolved. The late fee rule is expected to be rescinded by the Trump administration.

Following a media report that Department of Justice staffers have expressed concern about how Capital One's purchase of Discover would affect competition in the subprime credit market, analysts said the portfolio would be tough to sell. But they remain optimistic that the deal will get over the finish line.

Credit cards offer consumers three things stablecoins currently cannot: interest-free short-term loans, rewards programs and transaction reversibility. Your Visa card is going to remain in your wallet for a long time.

Bank technology firm Fiserv agreed to buy the Netherlands-based company, which sells multichannel processing systems. Also: the FCA looks to lighten contactless checkout limits; Ripple's Garlinghouse said the SEC has dropped a suit against his firm; and more news in the global payments and fintech roundup.

Small businesses and consumers deserve the relief that legislation like the Credit Card Competition Act would bring from the fees that burden every card-based transaction. Banks can easily afford it.

Amid troubling news of tariffs and layoffs, dropping delinquencies offer a rare sign of consumer health.