SET (Secure Electronic Transaction) is a protocol that was developed by Visa and MasterCard and that uses the SSL standard.
SET is based on the use of an electronic signature from the buyer and a transaction involving not only the buyer and the seller, but also their respective banks.
How SET works
When a secure transaction is made with SET, data are sent by the customer to the seller's server, but the latter receives only the order. The bank card number is directly sent to the merchant's bank, which will be able to read the buyer's bank account details and contact his bank to verify them in real time.
This type of method requires an electronic signature from the card's user to certify he is the card's owner.
