payment vs remission

payment and remission both are nouns.

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

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

payment (noun)	remission (noun)
the act of paying money	the act of absolving or remitting; formal redemption as pronounced by a priest in the sacrament of penance
an act of requiting; returning in kind	(law) the act of remitting (especially the referral of a law case to another court)
a sum of money paid or a claim discharged	an abatement in intensity or degree (as in the manifestations of a disease)
	a payment of money sent to a person in another place