Top Definition
A new kind of payment method brought to you by the same guys that brought you "PayByPhone" and "PayByCash".

It involves giving sex to a special individual which pays the money to the PayByPenis ltd. There's a very simple formula calculated for how many minutes of sex is needed for a certain ammount of money.
Length of penis in inches= Minutes for 20 dollars.
"Damn, I'm out of cash. And I that so badly WANTS World of Warcraft!"
"Don't worry, try PAYBYPENIS(TM)"
by Pervert May 12, 2005
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