Payment method problem

See this for a response, If your payment method is declined in the App Store or iTunes Store - Apple Support

Generally this indicates that a payment method is not accepted by the iTunes or the App Store, or your bank is declining the transaction.

It would be nice to know what you had to do to fix this, since it seemed to be something that couldn't be fixed. Was it the bank or iTunes? Also, here are instructions on where you can check on your purchase history. See your purchase history in the App Store or iTunes Store - Apple Support

It would be better if you can please post a screenshot, in order to understand the phenomenon better.

You may get better and prompt responses if you may kindly provide the iPhone Model that you have and the iOS version if it is known to you.

If the bank is rejecting the verification code, the problem is with the bank. As indicated before, and in the support document, Apple does not decline transactions, the bank does. You need to work with them to find out why the card and verification code are not working.

Where are you located? Again, is it a debit card? If yes there may be a problem with the amount of funds you have or you may have downloaded an app that requires a subscription and Apple won't accept that card.

Then click on the link that Chris provided to you.

Is this a debit card? If yes that may be the issue, Apple does not accept all debit cards nor debit cards in all countries.