iPhone SE 2020 NFC reader not working

I have an iPhone SE 2020, which is about 2.5 years old.

I've been able to use the NFC reader for Apple Pay for some time, but recently it hasn't worked.

Other applications which use the NFC reader also doesn't work.

I've tried to remove the cover, do a forced restart, update to the newest iOS (16.1) and even reset all settings, but it still doesn't work.

What else can I do?