Is it possible to set an expiration time for the payment process?

[primeri]

Our requirement
Our team is currently building an e-commerce website based on products with limited inventories. In order to handle concurrent transactions, we are implementing an inventory reservation system that temporarily reserves a customer's order when they proceed to checkout. Due to project constraints, we also need to be able to release these temporary reservations after a predefined time period (e.g. 15 mins) if the user has not completed the purchase in time.

Question
How can I make sure that the customer cannot go forth with the payment process after a certain time period?

Proposed solution
Add the ability to specify a transaction's expiration time in the initial POST request while creating a new payment.