Setting up Apple Pay on my Watch

I have a series 3 Apple Watch and every time I try to set up, “Apple Pay” it does not work. I simply get a message saying, “Could not set up Apple Pay. An error occurred while setting up Apple Pay.”

What can I do? I have already tried the basic steps. Restarting it, disconnected and paired again, and also checking the wifi, Bluetooth and airplane mode. What do I do next?