The show, which will take place on June 16th, 2013 replaces the Bragging Rights PPV which was dropped earlier this year.
Also dropped from the WWE schedule this year is the second PPV in April, which last year was Extreme Rules followed by Over the Limit in May.
The current confirmed schedule for this year is now as follows:
April 7th - WrestleMania 29
May 19th - Extreme Rules
June 16th - Payback
July 14th - Money in the Bank
August 18th - Summerslam