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Our scheme decrease the computation time 33.33% on sender side and 50% on receiver side and also 92.69% efficient for communication cost than existing schemes. It also fulfills all the security properties. The proposed Blind signcryption scheme based on Hyper Elliptic curve for Untraceable Payment System is also fulfilling all the security requirements. The results show that our proposed scheme is efficient in computation cost upto 91.66% and in communication cost upto 87.79 %. Our schemes satisfy the security properties such as message confidentiality, message integrity, authentication, non-repudiation, unforge-ability, un-traceability, forward secrecy as well as sender anonymity. Our scheme is based on hyper elliptic curve discrete logarithm problem (HECDLP), which is computationally hard for attacker and also has low parameters.