PayPal, the ecommerce giant owned by eBay, is adding a second "P" to its logo, in part to alleviate confusion with other single-"P" signs like "parking."

The new identity, designed by fuseproject, will be more legible and recognizable than the company's previous logo, which was last updated in 2007.

PayPal President David Marcus said the company had implemented so many new services over the past couple of years — including, most recently, a "mobile-first" website — that the time seemed right to reintroduce the company to consumers. "This is a conversation starter to tell the story about what PayPal can do," he said.

The effort also includes a global ad campaign that revolves around what PayPall calls "the people-powered economy." The ads show ordinary consumers who are able to enjoy frictionless ecommerce thanks to PayPal.

See also: 10 Weirdest Things for Sale on eBay

eBay's stock price has been flat over the past year, but PayPal has been a bright spot. PayPal's growth prospects are so encouraging that minority shareholder Carl Icahn has tried (and failed) to drum up support to put pressure on eBay's executive team to spin PayPal off as a separate company.