diff --git a/pyproject.toml b/pyproject.toml
index 02a31a3..1d473b3 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -9,6 +9,7 @@ packages = [{include = "shade", from = "src"}]
 [tool.poetry.dependencies]
 python = "^3.10"
 httpx = "^0.28.1"
+pydantic = "^2.0"
 stellar-sdk = "^13.2.1"
 pydantic = "^2.0"
 
diff --git a/src/shade/models/__init__.py b/src/shade/models/__init__.py
index 1e70fb5..48ed11d 100644
--- a/src/shade/models/__init__.py
+++ b/src/shade/models/__init__.py
@@ -4,6 +4,7 @@
 from .balance import AssetBalance, Balance
 from .base import ShadeObject
 from .merchant import Merchant
+from .payment import Payment, PaymentStatus
 from .transfer import Transfer, TransferStatus
 from .webhook import WebhookEvent, WebhookEventType
 
@@ -11,6 +12,8 @@
     "AssetBalance",
     "Balance",
     "Merchant",
+    "Payment",
+    "PaymentStatus",
     "ShadeObject",
     "Transfer",
     "TransferStatus",
diff --git a/src/shade/models/payment.py b/src/shade/models/payment.py
new file mode 100644
index 0000000..7fd6673
--- /dev/null
+++ b/src/shade/models/payment.py
@@ -0,0 +1,43 @@
+"""Payment resource model."""
+from __future__ import annotations
+
+from datetime import datetime
+from decimal import Decimal
+from enum import Enum
+from typing import Optional
+
+from pydantic import field_validator
+
+from .base import ShadeObject
+
+
+class PaymentStatus(str, Enum):
+    """Lifecycle status of a Shade payment."""
+
+    PENDING = "pending"
+    COMPLETED = "completed"
+    CANCELLED = "cancelled"
+    EXPIRED = "expired"
+    PARTIALLY_PAID = "partially_paid"
+
+
+class Payment(ShadeObject):
+    """Represents a Shade payment resource returned by the API."""
+
+    id: str
+    status: PaymentStatus
+    amount: Decimal
+    currency: str
+    description: Optional[str] = None
+    merchant_id: str
+    stellar_tx_hash: Optional[str] = None
+    payment_address: str
+    created_at: datetime
+    updated_at: datetime
+
+    @field_validator("amount")
+    @classmethod
+    def amount_must_be_positive(cls, value: Decimal) -> Decimal:
+        if value <= 0:
+            raise ValueError("amount must be greater than 0")
+        return value
diff --git a/tests/models/test_payment.py b/tests/models/test_payment.py
new file mode 100644
index 0000000..75e9417
--- /dev/null
+++ b/tests/models/test_payment.py
@@ -0,0 +1,114 @@
+"""Tests for the Payment model."""
+from __future__ import annotations
+
+from datetime import datetime
+from decimal import Decimal
+
+import pytest
+from pydantic import ValidationError
+
+from shade.models import Payment, PaymentStatus
+
+
+def _payment_payload(**overrides):
+    data = {
+        "id": "pay_123",
+        "status": "pending",
+        "amount": "100.50",
+        "currency": "XLM",
+        "description": "Order #42",
+        "merchant_id": "merch_abc",
+        "stellar_tx_hash": None,
+        "payment_address": "GABCDEFGHIJKLMNOPQRSTUVWXYZ234567",
+        "created_at": "2024-01-15T12:00:00Z",
+        "updated_at": "2024-01-15T12:05:00Z",
+    }
+    data.update(overrides)
+    return data
+
+
+def test_payment_from_dict_constructs_without_error():
+    payment = Payment.from_dict(_payment_payload())
+
+    assert payment.id == "pay_123"
+    assert payment.currency == "XLM"
+    assert payment.merchant_id == "merch_abc"
+    assert payment.payment_address == "GABCDEFGHIJKLMNOPQRSTUVWXYZ234567"
+    assert payment.description == "Order #42"
+    assert payment.stellar_tx_hash is None
+    assert isinstance(payment.created_at, datetime)
+    assert isinstance(payment.updated_at, datetime)
+
+
+def test_payment_amount_is_decimal_not_float():
+    payment = Payment.from_dict(_payment_payload(amount="100.50"))
+
+    assert isinstance(payment.amount, Decimal)
+    assert not isinstance(payment.amount, float)
+    assert payment.amount == Decimal("100.50")
+
+
+def test_payment_status_is_enum():
+    payment = Payment.from_dict(_payment_payload(status="pending"))
+
+    assert isinstance(payment.status, PaymentStatus)
+    assert payment.status is PaymentStatus.PENDING
+    assert payment.status == "pending"
+
+
+@pytest.mark.parametrize(
+    "status",
+    [
+        PaymentStatus.PENDING,
+        PaymentStatus.COMPLETED,
+        PaymentStatus.CANCELLED,
+        PaymentStatus.EXPIRED,
+        PaymentStatus.PARTIALLY_PAID,
+    ],
+)
+def test_payment_accepts_all_status_values(status):
+    payment = Payment.from_dict(_payment_payload(status=status.value))
+    assert payment.status is status
+
+
+def test_invalid_status_raises_clear_validation_error():
+    with pytest.raises(ValidationError) as exc_info:
+        Payment.from_dict(_payment_payload(status="not_a_real_status"))
+
+    errors = exc_info.value.errors()
+    assert any(err["loc"] == ("status",) for err in errors)
+
+
+@pytest.mark.parametrize("amount", [0, -5, "0", "-1.00", Decimal("0")])
+def test_amount_must_be_positive(amount):
+    with pytest.raises(ValidationError) as exc_info:
+        Payment.from_dict(_payment_payload(amount=amount))
+
+    assert "amount" in str(exc_info.value).lower()
+
+
+def test_optional_fields_default_to_none():
+    payload = _payment_payload()
+    del payload["description"]
+    del payload["stellar_tx_hash"]
+
+    payment = Payment.from_dict(payload)
+
+    assert payment.description is None
+    assert payment.stellar_tx_hash is None
+
+
+def test_extra_api_fields_are_allowed():
+    payment = Payment.from_dict(_payment_payload(metadata={"order_id": "42"}))
+
+    assert payment.id == "pay_123"
+    assert payment.metadata == {"order_id": "42"}
+
+
+def test_payment_round_trip_preserves_decimal():
+    payment = Payment.from_dict(_payment_payload(amount="0.0000001"))
+    restored = Payment.from_dict(payment.to_dict())
+
+    assert restored.amount == Decimal("0.0000001")
+    assert restored.status is PaymentStatus.PENDING
+    assert restored.id == payment.id