Random Appearance of "Update Payment Details for iCloud"

My morning meal was disrupted by an apparently known glitchy notification implying that I would lose my iCloud subscription if I didn't "update my payment details" in Apple Pay. (Judging by posts over the past couple of years here, this is a known issue). Yes... my card is valid. All details including expiry date and secret code are valid and up-to-date. There is plenty of balance remaining on the card.

Apple successfully garnered payment for iCloud just a few days ago from the card in question.

If I try to re-add or delete the card in question, the Apple client will not allow me to do so. So what can I do to make this disturbing notification on my phone go away?

[Edited by Moderator]