Variation of the paper hornet
. A paper wasp is a piece of paper that is folded tightly multiple times to form a 'V' shape. The paper wasp is then shot at an unsuspecting victim, from a rubber band placed around the thumb and middle fingers.
The pain of a hard shot is quite painful, and similar to the sting of a wasp. Hence, paper wasp.
I just was wailed with a paper wasp when I was changing for gym, that's going to leave an unsightly bruise.