Any way Mautic can track the failed payments on website?

Is there any way in which Mautic can track the failed payment on website and then we can send them an email reminding to make the payment?

Yes there are many ways this can be done inside Mautic.

  1. If you have a payment fail page, you can have a campaign and inside campaign check for hit on this page and action send email after.
  2. If you are able to send a web hook on payment failure to Mautic, you can capture this and trigger email.

You need to give more details on your setup. You are using WordPress? What shopping cart or payment gateway are you using? Is there any webhook fired for a failed payment? The easiest is probably to use n8n as a middleman. You set up an installation of n8n and you capture the data of the webhook in order to send it on to Mautic in order to add the contact to a campaign which will be sending out the reminder emails for you. If you do not want to set up n8n, you probably need to do some programming to achieve the same thing.