Looks like PayPal has gone down the road of many other big brands and is erasing any and all personality from their brand identity. The iconic double P icon that you all instantly know as PayPal is now relegated to just being an app icon and in some other select places is replaced with a wordmark that is just a modification of a font inspired by Futura. They claim the prominence of black is to pull away from how many other brands in the space use blue, yet the entire palette is still blue and is featured all over the identity. This is a downgrade on almost every level in my view.
The double P is still being used as the app icon on phones it seems and is used in a little animation on smartwatches but from what it seems it will have a much more minimal role which seems dumb since its the most recognised symbol for PayPal