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.