penalty vs payment

penalty and payment both are nouns.

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

As nouns, payment is a hypernym of penalty; that is, payment is a word with a broader meaning than penalty:

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