When you post to your form the object is lost and all you have is a collection of key value pairs passed in from the web form. What you have to do is create a new object and try to map your form fields to your object. The TryUpdateModel method will do this for you if you created the web form correctly.
your code should look something like this:
[HttpPost]
public ActionResult Index(FormCollection formData)
{
Payment paymentobj1 = new Payment();
if (TryUpdateModel(paymentobj1 , formData))
{
}
}