From the Super Mario Wiki
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Pitta is a young boy living on Flipside's first floor in Super Paper Mario, near Sweet Smiles. He's always on the top of the latest and greatest trends in Flipside. Although normally a thrifty person, when it comes to the newest fads, he breaks the bank by spending all of his allowance. In the game, he is obsessed with Catch Cards.
His name could be a truncation of pittance, which can mean a small amount of anything, especially money; this is fitting for Pitta and how he indulges in his Catch Card hobby.