The correct answer is: Payee.
A payee is a person or entity to whom a financial instrument is payable. The payee is named on the instrument and is the person or entity who is entitled to receive the payment.
A drawer is the person or entity who creates a financial instrument. The drawer is the party who signs the instrument and is responsible for making the payment.
A drawee is the person or entity who is obligated to make the payment on a financial instrument. The drawee is the party who is named on the instrument and is the one who is supposed to pay the payee.
A payer is a person or entity who makes a payment. The payer is the party who gives money to another party.
In the context of the question, the person named in the instrument to whom or to whose order the money is to be paid is the payee. The payee is the person or entity who is entitled to receive the payment.