The 'Martha Everyday' line, which retails from $29.99, offers 12 styles. According to Stewart, these range from 'strappy stilettos and chic flats to kitten-heel mules and sophisticated sling-backs'.
"I am thrilled to partner with Payless to design a line of footwear that’s both beautiful and affordable," Stewart said in a statement.
"For as long as I've been in business my goal has been to deliver well-made, beautiful products to my audience, at the right price.
"Payless has the same goal, making them a perfect partner to collaborate with to create gorgeous shoes that our customers can afford."
Stewart and Payless have been awarded a Compassionate Collaboration Award from vegan charity PETA.
"PETA is recognizing Payless and Martha Stewart for creating stylish shoes that kick cruelly obtained animal skins to the curb," PETA Executive Vice President, Tracy Reiman, said in a statement.
"Vegan leather accessories spare countless animals' lives, help the environment, and are available at every price point, so it's no wonder that shoppers are clamoring for new cruelty-free designs."