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What does it mean if a payment request is ‘expired’?

When you create a payment request, you can choose the validity period of the payment link. By default, your customer will have 30 days to complete the payment (or another period defined by you). Otherwise, the status of the payment request will be set to ‘expired’. 

In other words, when a payment request expires this means that it hasn’t been paid during the defined timeframe and it’s not valid anymore. You need to create a new one by duplicating the expired request or starting from the beginning.