Source : Webster's Revised Unabridged Dictionary (1913)

Payment \Pay"ment\, n. [F. payment, paiement. See {Pay} to
   requite.]
   1. The act of paying, or giving compensation; the discharge
      of a debt or an obligation.

            No man envieth the payment of a debt. --Bacon.

   2. That which is paid; the thing given in discharge of a
      debt, or an obligation, or in fulfillment of a promise;
      reward; recompense; requital; return. --Shak.

   3. Punishment; chastisement. [R.]

Source : WordNet®

payment
     n 1: a sum of money paid [ant: {nonpayment}]
     2: the act of paying money [syn: {defrayal}, {defrayment}]
        [ant: {evasion}]