On-line transactions received a boost last week when the SET (Secure Electronic Transactions) protocol, developed jointly by VISA and MasterCard, unveiled its official logo (see below) which can be used on retailers' web sites as well as by software vendors who make SET compliant software.
A week earlier, VISA, one of the many companies supporting SET, announced it would be waiving charges for credit-card transactions over the Internet that used the system, effectively creating an incentive for people to use it. But it will only be available in the US. European incentives have not yet been announced.
SET is an open global standard that enables card holders and merchants to use special encoding and identification software to authenticate themselves to each other and to allow card details to be sent securely over the Internet.
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