SELECT 
  cscart_statuses.status 
FROM 
  cscart_statuses 
  INNER JOIN cscart_status_data ON cscart_status_data.status_id = cscart_statuses.status_id 
WHERE 
  type = 'O' 
  AND (param, value) IN (
    ('payment_received', 'Y')
  )

Query time 0.00052

JSON explain

{
  "query_block": {
    "select_id": 1,
    "cost": 0.026410995,
    "nested_loop": [
      {
        "table": {
          "table_name": "cscart_status_data",
          "access_type": "ref",
          "possible_keys": ["PRIMARY", "inventory"],
          "key": "inventory",
          "key_length": "765",
          "used_key_parts": ["value"],
          "ref": ["const"],
          "loops": 1,
          "rows": 23,
          "cost": 0.005019675,
          "filtered": 100,
          "attached_condition": "cscart_status_data.param = 'payment_received' and cscart_status_data.`value` = 'Y'",
          "using_index": true
        }
      },
      {
        "table": {
          "table_name": "cscart_statuses",
          "access_type": "eq_ref",
          "possible_keys": ["PRIMARY"],
          "key": "PRIMARY",
          "key_length": "3",
          "used_key_parts": ["status_id"],
          "ref": ["u985510652_ecartify.cscart_status_data.status_id"],
          "loops": 23,
          "rows": 1,
          "cost": 0.02139132,
          "filtered": 100,
          "attached_condition": "cscart_statuses.`type` = 'O'"
        }
      }
    ]
  }
}