These are blocks based on certain rules.
For example, you want to add the bank tranfer instruction to the order confirmation email if the customer uses the payment method “Bank Transfer”. In such cases, you will add the content in the Bank Tranfer block of this extension, and the short-code {payment_info} will display the content in the email.
Similarly, you can define for shipping methods, payment methods, customer group, if the product has downloads, registered customer, first-time buyer.