Sure, they're not identical, but I can see how someone not in the know could be confused by it. Pandora have been around long enough to be well aware of what the PayPal logo looks like, colours used, etc. In fact, had the "P" been black or some other colour, PayPal may not have even cared.
They're also required to protect their Trademark, or they could potentially lose it. So I'd say cut PayPal some slack.
Not a case of "rounded corners" here.