Get rid of Update payment information

You will keep getting that message until your update your payment information to be acceptable to both your issuer and Apple. You are not charged for updating it; a small hold is placed on the account to verify that it is a valid account, but that hold will disappear after a couple of days. See—>About payment card authorization holds from the App Store or iTunes Store - Apple Support

It wil disappear when all the information is accepted. Here are the requirements for the payment method—>If your payment method is declined in the App Store or iTunes Store - Apple Support

If it keeps asking you to update it means that the issuer of the credit or debit card you have on file in your iTunes account rejected a charge or account confirmation. It is not an Apple problem; Apple is just passing through the message from your issuer. There are a number of reasons the charge or verification might be declined:

1. Insufficient balance or account in arrears
2. Account suspended for suspected fraud (not necessarily by you)
3. Error in card number
4. Wrong expiration date
5. Wrong security (CVV) code
6. Address in your iTunes account does not match exactly the billing address for the card
7. The card was not issued in the country of the iTunes store
8. You are connected through a VPN provider that does not terminate in the country of the iTunes store you are connected to.