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 (secure shopping cart) server passes encrypted payment information from the merchant to the bank. Approval is electronically sent to the merchant.
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