The 26-year-old ex-Fulham, Gillingham, Aldershot, Macclesfield and Dover Athletic forward first arrived in Shropshire on loan from Oakwell in last season's January window.
After being injured in his first game, he came back to help Shrewsbury stave off relegation from League One.
Payne has signed a two-year contract with the Shrews.
He is expected to figure in this Saturday's home game with Rochdale, against whom he scored his first goal for Shrewsbury four months ago.
He is the fifth striker brought in by Town boss Paul Hurst since the end of last season, among his 12 summer signings.
Goalkeepers: Craig MacGillivray (Walsall), Dean Henderson (Manchester United - loan)
Defenders: Zak Jules (Reading), James Bolton (Gateshead)
Midfield: Jon Nolan (Chesterfield), Ebou Adams (Norwich City - loan), Daniel James (Swansea City - loan)
Strikers: Lenell John-Lewis (Newport), Arthur Gnahoua (Kidderminster Harriers), Carlton Morris (Norwich City - loan), Niall Ennis (Wolves - loan), Stefan Payne (Barnsley)
Find all the latest football transfers on our dedicated page.

Dutch customs officials discovered a parcel containing two handguns, ammunition, herbal cannabis and GHB, also known as liquid ecstasy, addressed to a location on Merseyside.
The seizure was referred to the National Crime Agency.
Officers raided two addresses in St Helens earlier, arresting a 22-year-old man and a 20-year-old woman.
Shrewsbury Town have re-signed striker Stefan Payne from Championship side Barnsley for an undisclosed fee.
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A couple have been arrested on suspicion of allegedly importing firearms and drugs into the UK.