need to call your bank to instruct them to enable the transaction with playstation.com

I had the same issue with my Citi card as well, until I've called them, most banks have flagged Playstation.com as high risk transaction and is blocked by default
for Citibank, they can open up a 48 hours window for you then it will be blocked again, or you can request them to unblock permanently, but doing so will be at your own risk, they won't be responsible for any fraud transaction in the future as well.

Seems there're too many fraudulent transactions going on at PS there, until majority of our local banks are blocking it preemptively

I've been using citibank cc for years to buy on PS store, no problem before. Only recently after the UOB take over that it cannot be used on PS store.

End up charge to my MBB debit card which I have never use for anything...

same here, never had any issue with Citi until UOB took over

but anyway... I think it's the new security policies, my HLB also no issue previously, now also blocked already

I think it has something to do with PSN lack of 2FA authentication for payments, you add CC details, click buy on console then it went thru already, just imagine someone using your CC details on other consoles 

You never set password to use the payment on the PS console?

I set password, if wanna buy anything must key in password.

that's the password for your PSN account only

imagine if someone else has your CC details, create a new PSN account, key in your CC, and buy, it won't even send you a SMS notification, hence the high risk category

that's where most of those cheap games sold online are from, via stolen CC

All digital content tied to psn accounts, can't Sony just ban that account if reported cc theft and just refund complainant. It's all digital stuff, Sony lose no money nor goods refunding cc theft.

I've been using citibank cc for years to buy on PS store, no problem before. Only recently after the UOB take over that it cannot be used on PS store.

End up charge to my MBB debit card which I have never use for anything...

I missed the black friday sale
Any idea when is the next psn sale?