Secure Electronic Transaction (SET)
Definition - What does Secure Electronic Transaction (SET) mean?
A secure electronic transaction (SET) is an open-source and cryptography-based protocol for secure payment processing via nonsecure networks. In June 2003, SET was published as RFC 3538. SET was replaced by more advanced systems, such VISA’s 3-D Secure.
Techopedia explains Secure Electronic Transaction (SET)
In 1996, SET was launched and backed by VISA, MasterCard and other payment processing industry leaders. SET’s blinding algorithm ensures data confidentiality, data integrity and cardholder/merchant authentication.
An SET system includes the following components:
- Merchant
- Cardholder/acquirer
- Card issuer
- Payment gateway
- Certification authority (CA)
- Dual signature: A guaranteed SET data integrity innovation that links two different recipient messages
