The SET Internet payment system mirrors today's physical world payments. In fact, SET's goal is to make MasterCard accounts as easy to use in cyberspace as they are to use at the local store.

For Internet payments, consumers will need two things:

1. A Digital Wallet: This is software that's used to store MasterCard account information.
2. A Digital Certificate or ID: This is identification used on electronic payment slips.

The Digital Wallet is simply a place where your personal information (digital certificate, card number, expiration date, etc) is stored. And just like a regular wallet, you'll need to access it and use it during your shopping experience. And to ensure its safety, your Digital Wallet is protected by a password. Cardholders will be able to download a Digital Wallet off the Internet. Digital Wallets will also be bundled into new web browsers.

A Digital Certificate (sometimes called a digital ID) is proof that your identity has been validated by your card-issuing bank. It tells the merchant that you are the legitimate owner of the MasterCard card in your Digital Wallet. Cardholders will be able to request their Digital Certificate from their card-issuing bank. To be certified for a Digital Certificate, you will be directed to a World Wide Web site connected to your bank's Certificate Authority. You'll need to provide answers to some questions that only you can answer. For example, you may be asked for your birth date and mother's maiden name. Once your bank confirms this personal information, you'll get a Digital Certificate, which will be stored in the Digital Wallet.

Merchants Will Also Be Certified.

Just as consumers need to have digital account IDs and special software, so too will merchants. Merchants need to obtain SET server software to store their digital account IDs.

SET reinforces the relationship between a merchant and the merchant's bank for secure electronic commerce. The merchant will contact their bank to obtain their own digital certificate.

After merchants obtain their SET certificate, they will need to upgrade their systems to process SET transactions. This software most likely will be purchased from a SET certified provider. SET certified providers and the current status of their respective products that are enrolled in SET compliance testing can be found on the SETCo compliance matrix.