SET Transaction

 SET Transaction

Events required for a Successful SET Transaction

1.  The customer opens an account with a card issuer. - MasterCard, Visa, etc. 
2. The customer receives an X.509 V3 certificate signed by a bank. - X.509 V3
3.  A merchant who accepts a certain brand of the card must possess two X.509 V3 certificates. - One for signing & one for key exchange 
4. The customer places an order for a product or service with a merchant’s website.
5.  The merchant sends a copy of its certificate for verification.
6. The customer sends order and payment information to the merchant. 
7. The merchant requests payment authorization from the payment gateway prior to shipment. 
8. The merchant confirms the order to the customer. 
9. The merchant provides the goods or services to the customer. 
10. The merchant requests payment from the payment gateway.

                 

SET Transaction 

We now look at some of the cryptographic details that describe the sequence of events that are required for a transaction.

 1.The customer opens an account. The customer obtains a credit card account, such as MasterCard or Visa, with a bank that supports electronic payment and SET. 

2.The customer receives a certificate. After suitable verification of identity, the customer receives an X.509v3 digital certificate, which is signed by the bank. The certificate verifies the customer's RSA public key and its expiration date. It also establishes a relationship, guaranteed by the bank, between the customer's key pair and his or her credit card. 

3.Merchants have their own certificates. A merchant who accepts a certain brand of card must be in possession of two certificates for two public keys owned by the merchant: one for signing messages, and one for key exchange. The merchant also needs a copy of the payment gateway's public-key certificate.

 4.The customer places an order. This is a process that may involve the customer first browsing through the merchant's Web site to select items and determine the price. The customer then sends a list of the items to be purchased to the merchant, who returns an order form containing the list of items, their price, a total price, and an order number. 

5.The merchant is verified. In addition to the order form, the merchant sends a copy of its certificate, so that the customer can verify that he or she is dealing with a valid store.

 6.The order and payment are sent. The customer sends both order and payment information to the merchant, along with the customer's certificate. The order confirms the purchase of the items in the order form. The payment contains credit card details. The payment information is encrypted in such a way that it cannot be read by the merchant. The customer's certificate enables the merchant to verify the customer. 

7.The merchant requests payment authorization. The merchant sends the payment information to the payment gateway, requesting authorization that the customer's available credit is sufficient for this purchase.

 8.The merchant confirms the order. The merchant sends confirmation of the order to the customer. 

9.The merchant provides the goods or service. The merchant ships the goods or provides the service to the customer. 

10.The merchant requests payment. This request is sent to the payment gateway, which handles all of the payment processing.