Pip
A conventional increment used in many FX pairs, usually the fourth decimal place.
A pip is a quoting habit. Some pairs use a different precision, and ‘pip value’ still depends on lot size and the account currency. Treat it as a unit you convert, not as a universal coin.
On the desk
A 20-pip stop on a standard lot is a different cash risk than the same 20 pips on a mini lot. The playbook should state size in cash or R, not only in pips.