Purchasing goods and services online has become very common today's world. To purchase goods and services online requires a customer to have a valid credit card or finance account.
However, the increasing cyber crime has left many people apprehensive on giving their credit card information. E-commerce has developed a lot in the recent years and with enhancement in technology, it has now become convenient and safe for the customers to purchase goods and services.
For the security of transactions,
Secure Payment System has been developed where the financial transactions done on the internet is ensured to be safe and confidential. For a business that sells goods or services online, this application becomes essential to keep customers coming back for further purchases since they think it is safe to transact with the company.
This type of e-commerce technology is known as
SET or
the Secure Electronic Transaction. It uses the process of encrypting the information obtained between the customers and the online store.
When a customer makes a purchase, the
Secure Electronic Transaction or the
SET authenticates the credit card against the information given by the customer. The online merchant after receiving the customer's information sends order details to the bank. Transaction takes place between the bank and the merchant for the approval of the purchase. When the purchase gets approved, the bank will digitally sign and provide authentication to the merchant to process the order.
This type of e-commerce has made online financial transaction safe and given customers a peace of mind while shopping online.
