SET is a card payment security protocol in the open network environment. It adopts public key cryptosystem (PKI) and X.509 electronic certificate standard, and can provide greater trust, more complete transaction information, higher security and less possibility of fraud in electronic transactions through corresponding software, electronic certificate, digital signature and encryption technology. SET protocol is used to support B-C e-commerce mode, that is, the mode that consumers buy and trade online with cards.
Function of SET protocol
SET protocol is an open security protocol and format, which is used for credit card payment on the Internet. The online payment transaction between cardholders, merchants and banks is solved by credit card, aiming at ensuring the confidentiality of payment instructions, the integrity of payment process, the legitimacy and operability of the identity of merchants and cardholders.
Encryption and authentication technology used in SET protocol
SET uses a variety of key technologies to meet the requirements of secure transactions, among which symmetric key technology, public key encryption technology and hash algorithm are its core. The comprehensive application of the above three technologies has produced encryption and authentication technologies such as digital signature, digital envelope and digital certificate.
Application and limitation of SET standard
SET 1.0 has been popularized and applied slowly since 1997 was introduced, and it has not achieved the expected effect. The biggest challenge is that few consumers often shop online. The main reason is that SET protocol sacrifices simplicity, the operation is too complicated, the cost is high, SSL protocol is widely used, and the laws of some economically developed countries stipulate that cardholders bear lower credit card risks. SET protocol provides multi-level security, and its complexity is significantly increased; These security links increase the complexity of the transaction to a certain extent.
In addition, the SET protocol is currently limited to online payment with bank cards, and there is no good solution for other payment methods. SET protocol only supports B2C e-commerce, but not the most promising and influential B2B e-commerce transaction at present.
Because of its high security and standardization, SET has gradually developed into the current international standard for secure electronic payment. SSL protocol is widely used because of its low cost, high speed, simple use and no need to make major changes to the existing network system. However, with the expansion of e-commerce, the risk of online fraud is also increasing, and SET protocol will gradually occupy a dominant position in future e-commerce.