diff --git a/components/payments/cmd/connectors/internal/task/scheduler.go b/components/payments/cmd/connectors/internal/task/scheduler.go
index a4397fd1e6..0db94c7ad1 100644
--- a/components/payments/cmd/connectors/internal/task/scheduler.go
+++ b/components/payments/cmd/connectors/internal/task/scheduler.go
@@ -4,6 +4,7 @@ import (
 	"context"
 	"encoding/json"
 	"fmt"
+	"math"
 	"runtime/debug"
 	"sync"
 	"time"
@@ -24,6 +25,10 @@ var (
 	ErrValidation       = errors.New("validation error")
 	ErrAlreadyScheduled = errors.New("already scheduled")
 	ErrUnableToResolve  = errors.New("unable to resolve task")
+
+	initialInterval    = 500 * time.Millisecond
+	backoffCoefficient = 2.0
+	maximumInterval    = 120 * time.Second
 )
 
 type Scheduler interface {
@@ -455,7 +460,6 @@ func (s *DefaultTaskScheduler) startTask(ctx context.Context, descriptor models.
 			ctx,
 			logger,
 			holder,
-			descriptor,
 			options,
 			taskResolver,
 			container,
@@ -568,6 +572,7 @@ func (s *DefaultTaskScheduler) runTaskOnce(
 		return err
 	}
 
+	retries := 0
 loop:
 	for {
 		select {
@@ -581,7 +586,22 @@ loop:
 		case err == nil:
 			break loop
 		case errors.Is(err, ErrRetryable):
-			logger.Infof("Task terminated with retryable error: %s", err)
+			retries++
+			backoffInterval := time.Duration(float64(initialInterval) * math.Pow(backoffCoefficient, float64(retries-1)))
+			if backoffInterval > maximumInterval {
+				backoffInterval = maximumInterval
+			}
+
+			timer := time.NewTimer(backoffInterval)
+			logger.Infof("Task terminated with retryable error: %s, retrying in %s", err, backoffInterval)
+			select {
+			case <-ctx.Done():
+				timer.Stop()
+				return
+			case <-timer.C:
+				timer.Stop()
+			}
+
 			continue
 		case errors.Is(err, ErrNonRetryable):
 			logger.Infof("Task terminated with non retryable error: %s", err)
@@ -621,7 +641,6 @@ func (s *DefaultTaskScheduler) runTaskPeriodically(
 	ctx context.Context,
 	logger logging.Logger,
 	holder *taskHolder,
-	descriptor models.TaskDescriptor,
 	options models.TaskSchedulerOptions,
 	taskResolver Task,
 	container *dig.Container,
@@ -679,12 +698,34 @@ func (s *DefaultTaskScheduler) runTaskPeriodically(
 
 	logger.Infof("Starting task...")
 	ticker := time.NewTicker(options.Duration)
+	retries := 0
 	for {
 		stopped, err := processFunc()
 		switch {
 		case err == nil:
 			// Doing nothing, waiting for the next tick
 		case errors.Is(err, ErrRetryable):
+			retries++
+			backoffInterval := time.Duration(float64(initialInterval) * math.Pow(backoffCoefficient, float64(retries-1)))
+			if backoffInterval > maximumInterval {
+				backoffInterval = maximumInterval
+			}
+
+			timer := time.NewTimer(backoffInterval)
+			logger.Infof("Task terminated with retryable error: %s, retrying in %s", err, backoffInterval)
+			select {
+			case <-ctx.Done():
+				timer.Stop()
+				return
+			case ch := <-holder.stopChan:
+				logger.Infof("Stopping task...")
+				close(ch)
+				timer.Stop()
+				return
+			case <-timer.C:
+				timer.Stop()
+			}
+
 			ticker.Reset(options.Duration)
 			continue
 		case errors.Is(err, ErrNonRetryable):