There is an issue with your payment method. Update your payment information to correct the problem and try again.

Hi kpallukuri,

Welcome to Apple Support Communities, and thanks for reaching out to us! We understand you're running into some problems with your payment method, and we can get you pointed in the right direction for help. When you have a chance, check out the resource below to update your payment method:

If your payment method is declined in the App Store or iTunes Store

Please let us know if you continue to run into problems, and we'll do our best to assist. To protect your privacy, we're unable to access any account details here in Apple Support Communities.

Have a great day.