Secure Electronic Transaction ( info on SET )
specification designed to utilize technology for authenticating the parties involved in payment card purchases on any type of online network, including the Internet. SET was developed by Visa and MasterCard , with participation from leading technology companies, including Microsoft, IBM, Netscape, SAIC, GTE, RSA, Terisa Systems, and VeriSign.
SET focuses on maintaining confidentiality of information, ensuring message integrity, and authenticating the parties involved in a transaction.
The significance of SET, over existing Internet security protocols, is found in the use of digital certificates. Digital certificates will be used to authenticate all the parties involved in a transaction.