IPA: //ˌoʊvərˈpeɪ//
KK: /oʊvərpeɪ/
To give more money than is necessary for something.
I realized I had overpaid for the concert tickets.
Past: overpaid
Past Participle: overpaid
To give more money than is necessary or required for something.
I accidentally overpaid for my new phone because I didn't check the price carefully.
Past: overpaid
Past Participle: overpaid
Overpay → It is formed from "over-" (meaning excessively) and "pay" (from Old French *paier*, meaning to give money). The word "overpay" means to pay excessively or more than what is required.
Think of paying 'excessively' ('over-') — that's why overpay means to give more money than necessary.