4.4. Secure Electronic Transaction (SET) protocol

SET is an industry-standard protocol sponsored by MasterCard and VISA for a secure (encrypted), “end-to-end” payment process. SET is a group of protocols designed for safe credit card payments over the World Wide Web. The main parties of the SET transaction include:

  • Merchant: A person or organization that has goods or services to sell to the shopper. SET advantages to the merchant include:

    - Difficulty to commit fraud with a stolen or fictitious credit card

    - Consumers are authenticated as legitimate cardholders

    - Bank processing fees are reduced

    - Dispute resolution is easier

    - Currency independent

  • Cardholder: A person, or organization, with a credit card who, or that, wants to buy goods or services ...

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