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    Kuldeep Kumawat: Secure Electronic Transaction

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    Kuldeep Kumawat
    The SET protocol is a secure electronic payment protocol developed by Mastercard and Visa to provide a standardized method for secure online transactions. It uses digital certificates, encryption, and authentication to establish trust and protect sensitive payment information exchanged between buyers, merchants, and financial institutions. While once widely adopted, the SET protocol has now been largely replaced by newer protocols that provide similar security, such as SSL, TLS, and PCI DSS.

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    Kuldeep Kumawat: Secure Electronic Transaction

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    Kuldeep Kumawat
    15 views10 pages
    The SET protocol is a secure electronic payment protocol developed by Mastercard and Visa to provide a standardized method for secure online transactions. It uses digital certificates, encryption, and authentication to establish trust and protect sensitive payment information exchanged between buyers, merchants, and financial institutions. While once widely adopted, the SET protocol has now been largely replaced by newer protocols that provide similar security, such as SSL, TLS, and PCI DSS.

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    The SET protocol is a secure electronic payment protocol developed by Mastercard and Visa to provide a standardized method for secure online transactions. It uses digital certificates, encryption, and authentication to establish trust and protect sensitive payment information exchanged between buyers, merchants, and financial institutions. While once widely adopted, the SET protocol has now been largely replaced by newer protocols that provide similar security, such as SSL, TLS, and PCI DSS.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    15 views10 pages

    Kuldeep Kumawat: Secure Electronic Transaction

    Uploaded by

    Kuldeep Kumawat
    The SET protocol is a secure electronic payment protocol developed by Mastercard and Visa to provide a standardized method for secure online transactions. It uses digital certificates, encryption, and authentication to establish trust and protect sensitive payment information exchanged between buyers, merchants, and financial institutions. While once widely adopted, the SET protocol has now been largely replaced by newer protocols that provide similar security, such as SSL, TLS, and PCI DSS.

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    Kuldeep kumawat

    Secure electronic transaction


    Secure  A secure electronic transaction (SET) protocol is a specific type of
    electronic secure electronic protocol designed for secure online payment
    transactions. It was developed jointly by Mastercard and Visa in the
    transaction late 1990s to provide a secure and standardized method for
    conducting e-commerce transactions over the internet.
    protocol
     The SET protocol ensures the confidentiality, integrity, and
    authenticity of payment information exchanged between buyers,
    merchants, and financial institutions. It involves the use of digital
    certificates, encryption, and authentication mechanisms to establish
    trust and protect sensitive data.
     Issuer Registration: The buyer registers their payment card with the
    issuing bank, which issues a digital certificate for that card.
     Merchant Registration: The merchant establishes a merchant
    account with an acquiring bank and obtains a digital certificate to
    authenticate their identity.
     Purchase Initiation: The buyer initiates a purchase on the
    merchant's website, selecting the desired products or services.
     Payment Request: The merchant sends a payment request to the
    buyer, including the transaction details and the merchant's digital
    certificate.
     Payment Authorization: The buyer's web browser encrypts the
    payment request using the merchant's digital certificate and sends it
    to the buyer's issuing bank for authorization.
     Buyer Authentication: The buyer's issuing bank sends a challenge
    to the buyer's web browser, requiring the entry of a password or
    other authentication credentials to verify their identity.
     Payment Authorization Response: Once the buyer's identity is
    authenticated, the issuing bank generates a digital certificate
    containing the payment authorization and sends it back to the
    buyer's web browser.
     Payment Fulfillment: The buyer's web browser forwards the
    payment authorization certificate to the merchant, who then sends it
    to the acquiring bank.
     Settlement: The acquiring bank verifies the payment authorization
    certificate, processes the payment, and transfers funds from the
    buyer's account to the merchant's account.
     Confirmation: The merchant confirms the completion of the
    transaction to the buyer, providing an acknowledgment or receipt.
     The SET protocol utilizes encryption algorithms, digital signatures,
    and certificates to protect the confidentiality and integrity of
    payment data. It ensures that sensitive information, such as credit
    card numbers, is securely transmitted and only accessible to
    authorized parties.
     It's important to note that while the SET protocol was once widely
    adopted, it has been largely replaced by newer and more
    streamlined payment security protocols, such as Secure Sockets
    Layer (SSL), Transport Layer Security (TLS), and Payment Card
    Industry Data Security Standard (PCI DSS), which provide similar
    security features for online transactions.

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