I think the answer comes from the backup and retention requirements for the payment system. Only Azure SQL single database \ elastic pools can store backups for up to 10 years as part of the Long-Term Retention.
This question depends on which DB type we are going to choose to migrate our DB to(another question). If it's managed instance, it doesn't support LTR. And it's most likely managed instance because SQL Agent....
Not strong in SQL but I think it's storage account because it's the only type supported by managed instance
LTR for managed instances is at least in public preview: https://docs.microsoft.com/en-us/azure/sql-database/sql-database-long-term-retention#managed-instance-support
"Many applications have regulatory, compliance, or other business purposes that require you to retain database backups beyond the 7-35 days provided by Azure SQL Database and Azure SQL Managed Instance automatic backups. By using the long-term retention (LTR) feature, you can store specified SQL Database and SQL Managed Instance full backups in Azure Blob storage with read-access geo-redundant storage for up to 10 years. You can then restore any backup as a new database."
RA-GRS Azure blob storage will be used for Long-Term Retention and not Azure Recovery vault. Which makes answer "Long-Term Retention" correct.
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