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Short Take: Singapore begins SET trial

Singapore's Network for Electronic Transfers (NET), a consortium of seven Singapore banks, has conducted live credit card purchases over the Net using the Secure Electronics Transactions (SET) protocol. NET claims it's the first SET trial to execute both MasterCard and Visa transactions. NET used hardware from Hewlett-Packard and software from HP's recently acquired subsidiary VeriFone. The trial now involves 32 merchants, growing to 100 by year's end.

    Singapore's Network for Electronic Transfers (NET), a consortium of seven Singapore banks, has conducted live credit card purchases over the Net using the Secure Electronics Transactions (SET) protocol. NET claims it's the first SET trial to execute both MasterCard and Visa transactions. NET used hardware from Hewlett-Packard and software from HP's recently acquired subsidiary VeriFone. The trial now involves 32 merchants, growing to 100 by year's end.