We've detected that one or more of the app bundles included in this release are using the following Play Billing Library versions

Development Platform & Builds Mobile
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4

I managed to solve the problem by following this post:

Long story short, go to C:\Program Files\Epic Games\UE_5.4\Engine\Build\Android\Java\gradle\app and add the following two lines in the dependencies:

def billing_version = "6.1.0"
implementation "com.android.billingclient:billing:$billing_version"
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