What is Pip ?
Pip is (noun) 1. a small seed in some fruits Take out all the pips when you cut up the grapefruit. (NOTE: Fruits such as apples, pears, oranges and lemons all have pips.) 2. a star on the shoulder showing an officer’s rank The three pips showed he was a captain. (verb) to defeat someone (informal.) She pipped me for first place. Synonym beat to pip someone at the post to beat someone at the last minute He put on a final spurt and pipped me at the post.
source: Easier English, Student Dictionary Upper Intermediate Level