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but not the OI itself. Merchant authentication, participants, a Secure Electronic Transaction (SET) system includes the following participants: Cardholder, merchant, issuer, acquirer. Binding of identities was based. Most verified protocols distribute just one or two secrets. Cost and complexity for merchants to offer support and comparatively low cost and simplicity of the existing, adequate SSL based alternative. SET uses several types of digital envelope.
The five main ones are cardholder registration, merchant registration, purchase request, payment authorization, and payment capture. SET was not itself a payment system, but rather a set of security protocols and formats that enabled users to employ the existing credit card payment infrastructure on an open network in a secure fashion.
This allows traders to credit funds from clients credit cards without the need of the credit card numbers. It links two messages that are intended for two different recipients. External Interface Guide to SET Secure Electronic Transaction (PDF). SET was developed by visa and MasterCard (involving other companies such as GTE, IBM, Microsoft, Netscape, RSA and VeriSign) starting in 1996.
Provide authentication that a merchant can accept credit card transactions through its relationship with a financial institution. The customer is afforded extra protection in terms of privacy by keeping these two items separate. Reasons for this include: Network effect need to install client software (an e wallet). Merchants do not normally have access to credit card numbers. SET was said to become the de facto standard of payment method on the Internet between the merchants, the buyers, and the credit-card companies. Visa now promotes the 3-D Secure scheme. People today pay for online purchases by sending their credit card details to the merchant. 2, sET used a cryptographic blinding algorithm that, in effect, would have let merchants substitute a certificate for a user's credit-card number. It is a pity that other features of SET (presumably demanded by merchants) weaken these properties. Secure Electronic Transaction (SET) addresses this situation by requiring cardholders and merchants to register before they may engage in transactions.