diff --git a/crates/api_models/src/payment_methods.rs b/crates/api_models/src/payment_methods.rs
index 858ddf8023..1fb1147b63 100644
--- a/crates/api_models/src/payment_methods.rs
+++ b/crates/api_models/src/payment_methods.rs
@@ -167,7 +167,7 @@ fn set_or_reject_duplicate<T, E: de::Error>(
     }
 }
 
-#[derive(Eq, PartialEq, Hash, Debug, serde::Serialize, serde::Deserialize)]
+#[derive(Eq, PartialEq, Hash, Debug, serde::Deserialize)]
 pub struct ListPaymentMethodResponse {
     pub payment_method: api_enums::PaymentMethodType,
     pub payment_method_types: Option<Vec<api_enums::PaymentMethodSubType>>,
@@ -183,6 +183,32 @@ pub struct ListPaymentMethodResponse {
     pub payment_experience: Option<Vec<PaymentExperience>>,
 }
 
+/// We need a custom serializer to only send relevant fields in ListPaymentMethodResponse
+/// Currently if the payment method is Wallet or Paylater the relevant fields are `payment_method`
+/// and `payment_method_issuers`. Otherwise only consider
+/// `payment_method`,`payment_method_issuers`,`payment_method_types`,`payment_schemes` fields.
+impl serde::Serialize for ListPaymentMethodResponse {
+    fn serialize<S>(&self, serializer: S) -> Result<S::Ok, S::Error>
+    where
+        S: serde::Serializer,
+    {
+        use serde::ser::SerializeStruct;
+        let mut state = serializer.serialize_struct("ListPaymentMethodResponse", 4)?;
+        state.serialize_field("payment_method", &self.payment_method)?;
+        match self.payment_method {
+            api_enums::PaymentMethodType::Wallet | api_enums::PaymentMethodType::PayLater => {
+                state.serialize_field("payment_method_issuers", &self.payment_method_issuers)?;
+            }
+            _ => {
+                state.serialize_field("payment_method_issuers", &self.payment_method_issuers)?;
+                state.serialize_field("payment_method_types", &self.payment_method_types)?;
+                state.serialize_field("payment_schemes", &self.payment_schemes)?;
+            }
+        }
+        state.end()
+    }
+}
+
 #[derive(Debug, serde::Serialize)]
 pub struct ListCustomerPaymentMethodsResponse {
     pub enabled_payment_methods: collections::HashSet<ListPaymentMethodResponse>,