If you are receiving the “Cannot Verify Payment Information” message, make sure you have entered the correct billing address, card number, expiration date, and CVV code. Also ensure that your payment information is updated.
You can verify your payment information by signing into appleid.apple.com and edit/update your Apple ID details. On the Sidebar click Payment methods -> then tap Payments Methods and tap Manage payment method.
If you want to add a payment method to your Apple ID, Add a payment method to your Apple ID, this should take an around 1-3 business days to update.
Also view this article for more information on your payment method declining ⇢
If your payment method is declined in the App Store or iTunes Store - Apple Support
If your issue is still persisting, Contact Apple for support and service.