"Performance index paper"? Can't say I've ever heard that. Don't even know what that means.
Honestly, not too many people could probably answer the question with any authority. I've heard it called an abbreviation for "price interest point". For the common forex market usage that wouldn't seem to apply, though, since we aren't talking about fixed points, but rather collections of them.
A pip is generally thought of as the smallest increment of price movement in a currency pair. Even that is a bit of a touchy definition, though, since there are now pippettes (fractional pips) quoted in some places.
Pips are small but easily countable items. The term is used to describe the dots on dominoes, dice, denote suits, and is the name for the small seeds of some fruits. It could be used as a synonym for dot in most situations, for example morse code. Pip (counting) - Wikipedia, the free encyclopedia