The process of photophosphorylation is defined as the in which the light energy is converted into chemical energy which results in the production of ATP.
This process involves the splitting of water molecules into Oxygen and hydrogen protons which is known as photolysis.
This is a light dependent reaction which occurs in the chloroplast, present in the thylakoid membranes of the plant cells.
The products of this process are ATP and NADPH, that are again used in light independent photosynthesis.
This process is called photophosphorylation because it involves light energy (which represents photo) to convert ADP into ATP (which represents phosphorylation).