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Secure Internet Payment Solution with SET Protocol - BOCI

Learn about the SET protocol for secure online payments. Developed by VISA, MasterCard, and major firms, it offers enhanced encryption and privacy protection. Follow the steps to use SET for safe transactions.

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Secure Internet Payment Solution with SET Protocol - BOCI

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  1. What is SET ? The Internet payment solution http://www.boci.com.hk

  2. Some Statistics • According to VISA statistics¡G • 1998 Internet transaction US$15 billion. • 2000 reach US$40 billion • From our Cardholder survey • SECURITY problem is a major barrier to Internet shopping.

  3. Internet Shopping with Credit Card • Mail Order • Print Order Form from website and mail back • SSL encription • Online Order submission with SSL encription • SET encription • Online Order submission with SET encription • All parties have electronic identify (Digital Cert.) • Merchant cannot access Credit Card information • Standard develop by VISA & Mastercard

  4. Why SET ? • World Wide Secure Payment Standard • Jointly developed by VISA, MasterCard and major financial & IT firms (like IBM) • Enhanced Encription • SSL (56bits) vs. SET (1024bits) -> 1/21024 • Authentication • Through Cardholder and Merchant Digital Certificate exchange, they can identify each other • Privacy Protection • Merchant can only view the order & delivery information, while bank can only view the payment information.

  5. Certification Authority Merchant Server Electronic Wallet Get the SET Digital Certificate Merchant Certificate (E-Business Registration) Cardholder Certificate (E-Credit Card) VISA - Verisign MasterCard - G.T.E. Merchant Cardholder

  6. Internet E-Business Reg E-Credit Card Exchange of Cert. °Ó¤á¦øªA¾¹ Merchant Server ¹q¤l¿ú¥] Electronic Wallet Order Delivery Cardholder Merchant Validate Credit Card thru’ BOC SET Payment Gateway Confirm order after checking Merchant Certificate Purchase by SET E-Wallet

  7. Cardholder Merchant Internet Merchant Server Electronic Wallet Certificate Certificate Internet Issuer Acquirer Bank Net PaymentGateway Certificate SET Purchase Flow Summary

  8. Prepare to use SET • Step 1 : Apply for a SET enable Credit Card (e.g. BOC Credit Card) • Step 2 : Enroll SET services • Step 3 : After receiving the SET Welcome Kit and the E-Wallet CD Rom, setup your PC accordingly. (1) Install E-Wallet (2) Get Digital Certificate (Using the SET PIN)

  9. SET Purchase Steps (1) Browse the SET shops, and select goods¡F (2) Pay with SET Wallet (E-Wallet will wake-up)¡F (3) Use your Wallet Password to open the wallet¡F (4) Select an Digital Certificate to pay for the order ; (5) Authorization take a few second to complete; (6) Merchant arrange for delivery¡F (7) Cardholder can check the order history through the E-Wallet¡C

  10. SET Purchase Screen

  11. - Live Demo -

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