It looks like the credit or debit card information stored on your account is invalid, please follow the steps below:
Go Settings > PlayStation Network/Account Management > Account Information > Wallet > Payment Methods. Select the card you are trying to use and select Edit Card Information to make sure that the details have been entered correctly.
Ensure that the address information on your account is the same as the address registered to your card.
If this does not solve your issue, please read our article below.