Secure Electronic Transaction | What is (SET)

Hello friends, today’s post is about Secure Electronic Transaction, in this you will know what is Secure Electronic Transaction, Secure Electronic Transaction (SET) and how it works.

Shopping on an ecommerce website is in trend today, and it has been successful only when people’s trust in ecommerce has increased. You go to the ecommerce website, and make the purchase of your choice, and also pay online by card.

So to keep such online transactions safe, ecommerce websites have been using various security protocols, one of which is Secure Electronic Transaction (SET).

Secure Electronic Transaction | What is (SET)

Secure Electronic Transactions (SET) for short, is a security protocol used to ensure the security of transactions over the Internet. SET is commonly used by e-commerce websites, which use this security protocol to strengthen the security of their debit and credit card electronic transactions. ensures the safety of

SET is not a payment gateway, nor is it a system through which electronic payment is made, but it is a security protocol, which provides security to the electronic payment made by the card. It completely blocks the personal information of the card, so that hackers or any other person cannot access the personal information of the card holder.

Even the personal information of the cardholder is not accessible to the merchant, rather this entire information is transferred between the cardholder and the credit card company for verification and authentication.

SET was introduced in the 1990s in view of the increasing trend of e-commerce and the needs of online transactions, then on 1 February 1996, the SET protocol was launched. In the early stages, various companies worked as a group to develop it, which included big companies like Microsoft, IBM, Verisign, Netscape.

All companies provided their own technology for SET, such as Microsoft provided (STT) Secure Transaction Technology for this, while web services company Netscape provided SSL technology for SET, while Visa played an important role in the design of SET. And MasterCard was a company whose main goal was to make the web browser secure for electronic transactions.

SET was later replaced by another security protocol 3D Secure, a more secure and easy-to-use security protocol designed and developed by VISA, and then gradually other card companies introduced the 3D Secure protocol. started using.

The following participants are included in the (SET)

  1. Card Holder: – The person who has a credit or debit card, that is, the buyer who buys the goods.

2. Merchant: – The company or person from whom the goods are being purchased, that is, the one who is selling the goods.

3. Issuer :- The bank of the card holder who has issued the card to him.

4. Acquirer: – The financial institution associated with the person or company selling the goods which will accept the payment being made by the card holder. It is capable of accepting payments from various cards.

5. Payment Gateway: – The service that will process the payment being made by the card holder.

6. Certificate Authority: – The trusted third party that provides Public-Key Certificates to the cardholder, merchant and payment gateway.

How SET Secure Electronic Transactions work

(SET) safeguards and protects the confidentiality of all parties involved in electronic transactions. What is the role of SET in an electronic transaction, let us understand in steps.

  1. The customer has a credit card provided by his bank.

2. The customer goes to the ecommerce website, and buys, orders something from there, and from there the SET process is activated.

3. Now SET sends the order and payment information of the customer to the merchant.

4. Now the merchant keeps the order information of the customer with himself, but forwards the payment information to his bank.

5. After this, the merchant’s bank checks the customer’s complete credit card details like in whose name the card is issued, its expiry date, credit limit etc. from the card issuer based on the payment information of the customer.

6. The issuer authorizes the merchant’s bank for payment if everything in that information is found to be correct.

7. The merchant’s bank sends that information to the merchant.

8. Now the merchant fulfills that order, and sends the confirmation of that order to the customer.

9. After this the merchant processes the request for payment, and the transaction takes place in the merchant bank.

10. After this, the issuer sends the invoice against the purchase to the customer.

So friends, you know what is SET, Secure Electronic Transaction and how it works. We hope, you must have learned a lot about (SET) from this post. If the information

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