My issue is resolved. I was unable to renew my dev membership trying for several weeks. In the iPhone Developer app by pressing "renew" I was getting an error. On the dev website, I made a payment with a credit card and waited for weeks but with no success. I tried Apple support but it was not useful. Eventually, on the developer website, I made payment via Debit Card, and it was successful within 3 hours of payment my account was renewed. The debit card was the same which I used the previous year to create the account. Also, remember that while making payments on Apple through iPhone or Web UI, Apple does not ask for CVV, and payments are deducted right away.