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. Debt Snowball

    A method of debt repayment in which debtors pay off their smallest ...
Related Articles
  1. Insurance

    Your First Checking Account

  2. Options & Futures

    Automating Your Bill Payments

  3. Investing

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

  4. Retirement

    Electronic Trading Tutorial

Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  3. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  4. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  5. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center