The pitch is being overseen by Creativebrief.
As Campaign went to press, PayPal had sent the brief to agencies but not yet compiled a shortlist for chemistry meetings.
The appointed agency will be PayPal’s first dedicated CRM or digital shop in the UK. It has previously used a variety of agencies on a project basis.
Havas Worldwide is PayPal’s global creative agency.
It created the "people rule" campaign that accompanied the company’s brand revamp earlier this year.
The wider activity was aimed at repositioning PayPal as being simple to use and still relevant in the era of mobile devices and wearable technology.
In October, it was announced that PayPal would split from its parent, eBay, and become a publicly traded company in 2015.
The online payment market is becoming increasingly competitive, with Apple Pay being launched earlier this year and Alibaba announcing its own product.
Earlier this month, Google announced that it would withdraw its Wallet feature from service in March 2015.