First, log into your account and select 'Manage Subscriptions.' From there, you will be taken to your subscription portal. Locate the subscription you wish to update your payment method and select 'See more details.'
Scroll down until you see the block on the right-hand side that says 'Payment Details' click on the button 'Edit'
A pop-up will appear requesting to send you an email from Shopify to update your payment info. Simply click on 'Send Email' and once you receive your email, make sure to check your spam/junk mail as well, follow the instructions given.