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SET is a messaging protocol specifically designed by Master Card, Visa, and others to secure bank-card payment transactions over open networks
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Not ready yet for most consumers; not widely deployed
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SET models all the players involved in card payments, the trust relationships between them, legal meaning of digital signatures
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SET provides cryptographic identity authentication of every entity involved in a transaction (multiparty security)
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SET uses message not channel encryption
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With SET every cardholder is issued a digital signature. This, plus the software that talks SET protocol, compose a SET electronic wallet
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