Secure Electronic Transaction Participants

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 Secure Electronic Transaction Participants

Below is the list of participants who are involved in the SET process:

Secure Electronic Transaction Participants


Cardholder: A cardholder is an authorized holder of the payment card. The card can be a Master Card or a Visa which an issuer has issued.

Merchant: A merchant is any person or organization who wants to sell its goods and services to cardholders. Note that a merchant must have a relationship with the acquirer to accept the payment through the internet.

Issuer: An issuer is a financial organization such as a bank that issues payment card – Master card or visa to user or cardholder. The issuer is responsible for the cardholder’s debt payment.

Acquirer: This is a financial organization with a relationship with the merchant for processing the card payment authorization and all the payments. An acquirer is part of this process because the merchant can accept credit cards of more than one brand. It also provides an electronic fund transfer to the merchant account.

Payment Gateway: For payment authorization, the payment gateway acts as an interface between secure electronic transactions and existing card payment networks. The merchant exchanges the Secure Electronic Transaction message with the payment gateway through the internet. In response to that, the payment gateway connects to the acquirer’s system by using a dedicated network line.

Certification Authority: It is a trusted authority that provides public-key certificates to cardholders, payment gateways, and merchants.


                   OR,

ET Participants

Figure 1 shows the participants in the SET system:

Secure Electronic Transaction Participants


Cardholder: In the electronic environment, consumers and corporate purchasers interact with merchants from personal computers over the Internet. A cardholder is an authorized holder of a payment card (MasterCard, Visa, and so on) that has been issued by an issuer.


Merchant: A merchant is a person or organization with goods or services to sell to the cardholder. Typically, these goods or services are offered via a website or by electronic mail. A merchant that accepts payment cards must have a relationship with an acquirer.


Issuer: This is a financial institution, such as a bank, that provides the cardholder with the payment card. Typically, accounts are applied for and opened by mail or in person. Ultimately, the issuer is responsible for the payment of the debt of the cardholder.


Acquirer: This is a financial institution that establishes an account with a merchant and processes payment card authorizations and payments. Merchants will usually accept more than one credit card brand but don't want to deal with multiple bankcard associations or with multiple individual issuers. The acquirer provides authorization to the merchant that a given card account is active and that the proposed purchase does not exceed the credit limit. The acquirer also provides electronic transfer of payments to the merchant's account. Subsequently, the acquirer is reimbursed by the issuer over some sort of payment network for electronic funds transfer.


Payment Gateway: This is a function operated by the acquirer or a designated third party that processes merchant payment messages. The payment gateway interfaces between SET and the existing bankcard payment networks for authorization and payment functions. The merchant exchanges SET messages with the payment gateway over the Internet, while the payment gateway has some direct or network connection to the acquirer's financial processing system.


Certification Authority (CA): This is an entity that is trusted to issue X.509v3 public-key certificates for cardholders, merchants, and payment gateways. The success of SET will depend on the existence of a CA infrastructure available for this purpose. A hierarchy of CAs is used so that participants need not be directly certified by a root authority.


                                                              OR,


SET Components and Participants

Secure Electronic Transaction Participants


 ♦ Cardholder

 ♦ Merchant

 ♦ Issuer 

♦ Acquirer 

♦ Payment Gateway 

♦ Certification Authority


 ♦ Cardholder

 – This is an authorized holder of a payment card (e.g, MasterCard, Visa) that has been issued by an issuer. 


♦ Merchant

 – This is a person or organization that has things to sell to the cardholder. A merchant that accepts credit cards must have a relationship with an acquirer.  Ex.flipcart,eBay.


 ♦ Issuer

– This is a financial institution such as a bank that provides the cardholder with the payment card. Ex: master card, visa card.


♦ Acquirer

– This is a financial institution that establishes an account with the merchant and processes credit card authorizations and payments. 

- The acquirer provides authorization to the merchant that a given card account is active and that the proposed purchase does not exceed the credit limit. 

- The Acquirer also provides electronic payments transfers to the merchant’s account.


♦ Payment Gateway 

-  This is a function that can be undertaken by the acquirer or some third party that processes merchant payment messages. 

-  The payment gateway interfaces between SET and the existing bankcard payment networks for authorization and payment functions.


♦ Certification Authority

-  This is an entity that is entrusted to issue X.509v3 public-key certificates for cardholders, merchants, and payment gateways.

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