Security for Electronic Transactions - SET

SET was originally supported by companies such as MasterCard, VISA, Microsoft and Netscape and provides a means for enabling secure transactions between purchaser, merchant (vendor) and bank. The system is based upon the use of a electronic wallet which, carries details of the credit card, the owner and, critically a Digital Certificate. To provide end to end encryption and authentication, the SSL standard is used between the parties, thus ensuring digital trust between each leg of the transaction.