Hi Vijay,
The payment cards component makes use of some function modules that perform card format checks to ensure that a valid card number is being saved.
This function module that perform the checks for each payment card type is maintained in the customizing, these modules are called as checking rules and each checking rule is then assigned to a specific payment card type.
The problem could be that the module that have been used in customizing are that do not exist in your system that why you are seeing this error.
Please check the rule assign to each type of the card you are using.
thanks
Willie