Secure electronic transaction (SET) was an early communications protocol used by e-commerce websites to secure electronic debit and credit card payments.

What is SSL and set in e-commerce?

According to Hassler (2000), Secure Socket Layer (SSL) and Secure Electronic Transaction (SET) are the two main industry standard means for securing Internet e-commerce communications. Currently, SSL is almost always used in preference to SET for Internet e-commerce security.

Who are set participants?

SET involves interaction among credit card holders, merchants, issuing banks, payment processing organizations, and public-key certificate authorities. SET is a complex specification defined in three “books” issued in May 1997, and running to nearly 1,000 pages.