The twenty-six-year-old striker was the Shrews leading goalscorer last campaign, scoring fourteen goals in all competitions, playing alongside Rovers’ summer signing, Alex Rodman.
Starting his career in non-league, Payne featured for Sutton United before drawing the attention from a host of EFL clubs, interest that saw the striker spent time at Fulham as a trainee.
Stints at Gillingham, Aldershot, Macclesfield and a return to Sutton followed, before a successful spell at Dover Athletic between 2014-16.
A return of 43 goals in just over eighty appearances while featuring for the South-coast side attracted the interest of the then Championship side, Barnsley, who Payne joined in May 2016.
After a run of games in the Championship, Payne joined the Shrewsbury Town, initially on loan, before joining the Shropshire club permanently in August 2017.
Last season, the striker’s goals helped the team guided by Paul Hurst to become the surprise package of the division, leading the table for a large proportion of the season before being defeated at Wembley in the play-off final to Rotherham.
The striker arrives at the Mem ahead of Saturday’s first league home fixture of the 2018/19 season.
Speaking about the arrival of the striker, Manager Darrell Clarke said, “Stefan is a player that adds to our quality in the forward positions and I would like to welcome him to Bristol Rovers F.C.
“He’s a player that enjoyed a good goal return last season with his goals helping Shrewsbury to reach the play-off final.
“We are all looking forward to seeing Stefan fit into the squad of players we have assembled over the summer and his arrival adds competition for places within the starting eleven.”