try to:
1) Logout from steam; reboot your PC; login back and try to purchase.
or 2) Start a game; Alt+Tab it; try to complete a purchase
I had the same error during Black Friday sale and found these tricks on steam forums. Alternatively this error will disappear in a day or so.
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I did restart PC but didn't logged out before restarting. Doing it after this post.
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that's sad.. Well, you can of course contact steam support as advised, but it will take some time to get an answer and a good chance to get a copy&paste reply.. So just wait till tomorrow if possible. In my case the same error disappeared on the next morning.
EDIT: here is another solution http://steamcommunity.com/discussions/forum/1/616189106559667207/ in the "update" section
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I got this before, contact steam support and resist the urge to write an angry tirade in the support ticket. I missed three really good games on sale because of the error but they bundled them all later eventually so it worked out in my favor.
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"There seems to have been an error initializing or updating your transaction. Please wait a minute and try again or contact support for assistance."
That happened when I tried buying a game using Steam Wallet. I have already waited more than two hour already and it still says the same thing. Was the reason for this is because I had changed my ISP at the same day? I hope it auto resolves itself as I'm trying to buy a daily deal game cause contacting Steam takes forever (LOL).
Have any you guys experienced this problem?
P.S. I didn't use any VPN or any device/program that alters my ISP and used the steam client during the attempted purchase. Browser says the same thing.
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