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The firm, which last refreshed its branding in 2007, has revealed an updated logo featuring "more vibrant" blue colouring and incorporating its double-P monogram for the first time.

It will be launched with a global ad campaign from Friday (2 May), including a part-animated TV ad showing "ordinary people" talking through key benefits of PayPal’s services. The campaign, using the tagline "People rule", will be supported with outdoor, digital, social and CRM activity.

Ads, devised by Havas Worldwide, will run throughout May and June, before returning to air in the build up to Christmas.

Speaking to Marketing, PayPal UK marketing director Alison Sagar said the brand needed to better reflect changes in technology and consumer behaviour, including the development of digital wallets and wearable tech.

"An awful lot has changed in the world [since 2007], specifically the consumer adoption of mobile, with explosive growth over the last two or three years.  That changes not only the way people shop and interact with media, but also how they are paying for things," said Sagar.

"We wanted to refresh our brand identity to make sure it’s effective and gets across our key messages of simplicity, convenience and security, not just for online but increasingly in mobile and physical stores."

The digital payment space has become increasingly competitive, with internet giants such as Google and , alongside the rise of so-called ‘cypto-currencies’ like Bitcoin.

However, Sagar denies PayPal feels any pressure from the growing competition for a share of the digital payments market: "I don’t think our strategies are driven by competitor movements.

"We are very privileged to have such an incredible customer base, more than 140m worldwide. We pride ourselves on focusing on what the customer wants. It’s interesting to see competitors try to emulate what we’ve achieved, but the reality is our focus is on how we can serve those customer needs better."