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 0.00023

JSON explain

{
  "query_block": {
    "select_id": 1,
    "cost": 0.040064908,
    "nested_loop": [
      {
        "table": {
          "table_name": "cscart_statuses",
          "access_type": "ALL",
          "possible_keys": ["PRIMARY"],
          "loops": 1,
          "rows": 19,
          "cost": 0.013007295,
          "filtered": 100,
          "attached_condition": "cscart_statuses.`type` = 'O'"
        }
      },
      {
        "table": {
          "table_name": "cscart_status_data",
          "access_type": "eq_ref",
          "possible_keys": ["PRIMARY", "inventory"],
          "key": "PRIMARY",
          "key_length": "768",
          "used_key_parts": ["status_id", "param"],
          "ref": ["cscart.cscart_statuses.status_id", "const"],
          "rowid_filter": {
            "range": {
              "key": "inventory",
              "used_key_parts": ["value"]
            },
            "rows": 23,
            "selectivity_pct": 29.11392405
          },
          "loops": 19,
          "rows": 1,
          "cost": 0.027057613,
          "filtered": 29.11392403,
          "index_condition": "cscart_status_data.param = 'payment_received'",
          "attached_condition": "cscart_status_data.`value` = 'Y'"
        }
      }
    ]
  }
}