Pasties (nearly always used in the plural) are adhesive coverings applied to conceal a woman's nipples. Nevertheless, they are by definition not much larger than a woman's areola. The idea is to reveal as much of the breast as possible without being entirely topless (presumably the line of decency is crossed at nipple exposure). They are usually used by strippers when performing.
Pasties are usually applies with a special glue or tape, and often feature tassels which hang from their centers.
Some website vendors use the singular pastie with terms like pastie sets or pastie glue.