I have tried all of the above methods.
1. No payment plugin is installed or configured on my website
2. I have verified multiple times that WooCommerce > Settings > Payments only has Bank Transfer as mode of payment
3. I have also cleared both my browser and website cache multiple times and the issue still remains
I tested my website against WordPress default theme and another commercial theme, everything works fine (Screenshot here: https://prnt.sc/RlpS5VCLguwJ )
3I discovered the bug is coming from Woodmart theme as it occurs only when Woodmart is activated