Secure electronic transaction (SET)

Secure electronic transaction (SET),

Definition of Secure electronic transaction (SET):

  1. Secure electronic transaction protocols were supported by most of the major providers of electronic transactions, such as Visa and MasterCard. These protocols allowed merchants to verify their customers' card information without actually seeing it, thus protecting the customer. The information on the cards was transferred directly to the credit card company for verification.

  2. Non-proprietary (open) industry standard developed jointly by MasterCard and Visa for secure online (electronic commerce) credit card transactions over a network, including the internet. Under set, buyers provide their credit card numbers to the merchants only in an unreadable (encoded) form. Merchants cannot read (decode) the numbers but can forward them to the respective card issuers for verification and approval.

  3. Secure electronic transaction (SET) was an early communications protocol used by e-commerce websites to secure electronic debit and credit card payments. Secure electronic transaction was used to facilitate the secure transmission of consumer card information via electronic portals on the Internet. Secure electronic transaction protocols were responsible for blocking out the personal details of card information, thus preventing merchants, hackers, and electronic thieves from accessing consumer information.

How to use Secure electronic transaction (SET) in a sentence?

  1. Visa was an early adopter of a new standard of security protocols, called 3-D Secure, which was eventually adopted in different forms by Mastercard, Discover, and American Express.
  2. Secure electronic transaction protocols allowed merchants to verify their customers' card information without actually seeing it, thus protecting the customer against account theft, hacking, and other criminal actions.
  3. Secure electronic transaction was an early communications protocol that was developed in 1996 and used by e-commerce websites to secure electronic debit and credit card payments.
  4. Other standards for digital security for online debit and credit card transactions emerged after the protocols defined by secure electronic transactions were introduced in the mid-1990s.

Meaning of Secure electronic transaction (SET) & Secure electronic transaction (SET) Definition