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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.
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: