The logo might look different but the colors used are more or less the same. As both the entities are in the same industry i.e payments the case would be treated with more attention and detail.
The recent rise of Paytm due to demonetization in India, would have been the cause for the case filed by the California company PayPal which was initially founded by Elon Musk and later sold. PayPal was one of the initial pioneers of the online payment industry and payment wallets mainly.
http://www.thehindubusinessline.com/info-tech/paypal-files-case-against-paytm-for-alleged-trademark-infringement/article9430703.ece
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