Is this a scam email

I today received an email stating:-

There is a problem with your payment information.

On 10/06/2020 you are scheduled to be charged £0.79 for your 50 GB iCloud storage plan, but there is a problem with your payment information.Be sure to update your payment information as soon as possible. Your account will be downgraded to the free 5 GB storage plan if we cannot successfully renew your subscription.

Is this a scam