After multiple attempts with 4 different cards from 3 banks, I kept getting an "Authorization failed" error. However, when I carefully corrected the billing address details and tried again with a previously unsuccessful card, the payment finally went through.
It's worth noting that in a previous attempt, the money was deducted from my card, but Apple claimed they didn't receive it. They then refunded the amount.
At this point, I'm still uncertain if my Apple Developer account will be approved. I'll update once I have more information. For now, my advice is to double-check every detail of your billing address and ensure it matches exactly with your card information. This seems to be crucial for successful payment processing.