Word

Description

Secure Electronic Transaction Protocol (SET)

A standard protocol from MasterCard and Visa for securing online credit card payments via the internet. It is a three-way transaction involving the user, merchant and bank using SET protocols. Credit card data and a digital certificates (for authentication) are stored in a plug-in to the user's Web browser. A SET enabled server passes encrypted payment information from the merchant to the bank. Approval is electronically sent to the merchant.