I found a way to deal with this problem... 1st add sufficient funds to wallet and then make the purchase. This method worked for me. 
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Unable To Purchase From Store
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Channel Details:
- Title: All PS4 Support posts
- Channel Number: 67303913
- Language: English
- Registered On: August 7, 2016, 8:01 am
- Number of Articles: 49766
- Latest Snapshot: April 23, 2019, 8:55 am
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- Description: All PS4 Support posts
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