The 30-year-old won his first international cap in the win over South Africa in November 2014 and he has claimed 12 caps and two tries to date.
Commenting on his new contract, Payne said:
"I am very happy to have signed a two year Irish contract to remain with Ulster Rugby. It has been an honour for me to not only pull on the Ulster jersey, but to represent Ireland as well. There is plenty for us to achieve at Ulster and with Ireland."
Ulster's Director of Rugby, Les Kiss, added:
"Jared is an incredibly astute and intelligent rugby player. He adds experience and calm to any backline and he will continue to be an important player for Ulster in the years to come."
IRFU, Performance Director, David Nucifora, commented:
"Jared has illustrated his ability to compete at the highest level and be an important leader and decision maker for both Ireland and Ulster. We are delighted to have secured his services for a further two years."
Guinness PRO12 Ulster News
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