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Hello @tibinmathew007,
It sounds like you are asking about custom functionality relating to WooCommerce Subscriptions. If that’s the case, please contact us on the WooCommerce Ticket Form to get premium support for the plugin. To give you a head start, you can check the Subscriptions Documentation about Failed Payments – note that in that documentation, it says emails are sent to customers with links to manually complete the the payment before it is automatically retried.
If you mean you want to add additional ways to retry payments via the REST API, regardless of which subscription plugin you are using you would definitely need custom code – which isn’t really the purpose of this support forum. To help you get started, here are some resources:
I hope that points you in the right direction, and I will mark this thread as ‘Resolved’ since this question is better answered in premium support with the author of your subscription plugin.
Feel free to open a new topic if you have a question about the core WooCommerce plugin. Thank you!