It would be the data that really matters without metadata, without the transmission header or other ancillary information used only as infrastructure to convey what matters. So it is the body of information, it is what is useful of everything that is being transmitted.
The literal translation "payload" could be called "worthwhile content."
The meaning may be different in other contexts, even in computing.
Sample TCP packet (I did not find a good HTTP, but the idea is similar). The data is payload :
Inanotherquestionthereisadiagramshowingthevariouslayersofcommunicationandallhaveheadersthatareaddedineachlayerandthe"data" part, that is the payload . If payload is too small, the overhead of the headers of all layers becomes a burden. You may have some control over the size of the payload in the high layer, but in the lower the control gets smaller, very large payloads tend to be sliced before being transmitted.
Payload has no text or binary format. Being JSON is just circumstantial. In HTTP it is even a text by protocol imposition, but it can be THML, CSS, JS, raw text, binary encoded in base64 , etc.