Mr Payne sustained a number of injuries including a broken collar bone, four broken ribs, a punctured lung, damage to both knees, cuts to his face and a shattered shoulder blade.
He was also concussed.
It was likely he would not be discharged to return home until Monday.
"You should have seen my helmet, it was ruined - the injuries are pretty horrendous but I feel very lucky."
It was a blow for the athlete who put in countless hours leading up to Ironman, which was set to take place in Taupo on March 1.
"I have put in a lot of work, a lot of nights, a lot of long runs - but I'm out for this now."
Wife Louise will attest to the dedication and determination that went into preparing for the event.
"They talk about 'Ironman widows' and I know what they mean, there's a lot of times when they are not home - it's been a slow build-up to very heavy training; naturally he's pretty gutted at not being able to compete."
At this stage Mr Payne was unsure whether to try again, though he was keen to get back to triathlon training - a sport that he picked up about 15 years ago.
Wife Louise wasn't so sure her husband would call it quits on his Ironman dream.
"He's pretty determined, I would not be at all surprised if he went for it when he's recovered," she said.
