Posting in the Magento forums has been disabled pending the implementation of a new and improved forum solution which should better serve the community.
For new questions please post at magento.stackexchange.com, the community-run support site for the Magento community. We will be providing updates on the new forum solution soon. For questions or concerns please email email@example.com.
Default : tells magento that these are the default settings for the module
paymentmodule : it is your module name.
active : tells status of payment method 0(disable) 1(enabled)
model : tells module which model file to consider for performing business logic
title : name that should appear on frontend
cctypes : allowed credit card types
payment action : like authorised or captured