Secure Electronic Transaction - SET

AAA

DEFINITION of 'Secure Electronic Transaction - SET'

A form of protocol for electronic credit card payments. As the name implies, the secure electronic transaction (SET) protocol is used to facilitate the secure transmission of consumer credit card information via electronic avenues, such as the Internet. SET blocks out the details of credit card information, thus preventing merchants, hackers and electronic thieves from accessing this information.

INVESTOPEDIA EXPLAINS 'Secure Electronic Transaction - SET'

Secure electronic transactions are backed by most of the major providers of electronic transactions, such as Visa and MasterCard. SET allows merchants to verify their customers' card information without actually seeing it, thus protecting the customer. The information on the card is instead transferred directly to the credit card company for verification.

RELATED TERMS
  1. Bank

    A financial institution licensed as a receiver of deposits. There ...
  2. Debit

    An accounting entry that results in either an increase in assets ...
  3. Debit Card

    An electronic card issued by a bank which allows bank clients ...
  4. Bank Card

    Any card issued against a depositary account, such as an ATM ...
  5. Electronic Payments Network - EPN

    An electronic automated clearing house (ACH) that serves as the ...
  6. EMV

    A standard relating to integrated circuit cards, point-of-sale ...
Related Articles
  1. Your First Checking Account
    Insurance

    Your First Checking Account

  2. Automating Your Bill Payments
    Options & Futures

    Automating Your Bill Payments

  3. What is after-hours trading? Am I able ...
    Investing

    What is after-hours trading? Am I able ...

  4. Electronic Trading Tutorial
    Retirement

    Electronic Trading Tutorial

comments powered by Disqus
Hot Definitions
  1. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  2. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  3. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
  6. Floating Exchange Rate

    A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that ...
Trading Center