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SET - technical definition

(Secure Electronic Transaction) A standard protocol from MasterCard and Visa for securing online credit card payments via the Internet. It is a three-way transaction: the user, merchant and bank must use the SET protocols.

Credit card data and a digital certificate (for authentication) is stored in a plug-in to the user's Web browser. The order is received by a SET-enabled merchant server that passes encrypted payment information to the bank. Approval is electronically sent to the merchant.

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