Can we create a new payment type for Payment methods?

On the Personal Payment Method screen, under the Payment Method section, we would like to have an Organization Payment Method known as MPESA with a payment type called Mobile Payment for the country of Kenya.

To configure this setup, we usually navigate to Setup and Maintenance > Configure Legislations for Human Resources. On the Payment Type Page, we have only those options and need to add the Mobile Payment options.

Is it possible to add a new Payment type or is there a work around to cater for this requirement?