payment vs penalty

payment and penalty both are nouns.

Word	Noun	Adjective	Verb	Adverb
payment	Yes	No	No	No
penalty	Yes	No	No	No

As nouns, penalty is a hyponym of payment; that is, penalty is a word with a more specific, narrower meaning than payment:

payment (noun)	penalty (noun)
the act of paying money	the act of punishing, or the infliction of a penalty
an act of requiting; returning in kind	the disadvantage or painful consequences of an action or condition
a sum of money paid or a claim discharged	(games) a handicap or disadvantage that is imposed on a competitor (or a team) for an infraction of the rules of the game
	a payment required for not fulfilling a contract