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: Webster's Revised Unabridged Dictionary (1913)