App Store payment failure for Meta Verified subscription on iPhone

Hello, I’m trying to purchase the Meta Verified subscription for my Instagram account via the Apple App Store on my iPhone, but the payment keeps failing.

Instagram (Meta) Support told me the issue is with my payment method on Apple’s side and that I should contact them.

my App Store balance also has enough credit to cover the subscription cost.

Could you please tell me why the payment is not going through and help me fix it ?

Thank you

[Edited by Moderator]

Original Title: Instagram meta verified