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It seems like you have to enable the Google Play Family Library from the family settings.

Go to https://myaccount.google.com/family/details

And activate the Google Play Store Family Library (might work with directly navigating to https://play.google.com/store/family/create)

In the process of activating the library you can select a payment method.

After that is done, a new link "Change family payment method" / "Familienzahlungsmethode ändern" appears under the Play Store Payment Methods: https://play.google.com/store/paymentmethods

Other helpful resources:

Some search keywords:

  • Add google play family payment methods from iPhone
  • Add google play family payment moethod without Android device or Google Play app
Post Made Community Wiki by Lars Corneliussen