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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