Can I change the title and description of the payment gateway shown during checkout?

Yes, both the title (“Credit card / debit card”) and description (“Enter your card details”) can be changed with many free translation plugins, such as Say What or Loco Translate. Almost any string can be changed by using the text domain woocommerce-payments.

As an example, here’s how to change the description with Say What:

If you don’t want to use a translation plugin, you can try a simple code snippet like this one:

function ah_change_credit_debit_text( $translation, $text, $domain ) {
	if ( $domain == 'woocommerce-payments' && $text == 'Credit card / debit card' ) {
		$translation = 'Something new!';
	}
	return $translation;
    
}
add_filter( 'gettext_woocommerce-payments', 'ah_change_credit_debit_text', 999, 3 );

The result: