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As a key method of the on-line shopping, electronic payment ought to not only make the procedure convenient and fast, but also ensure the security and confidentiality of the partners in the transaction. Therefore, a more comprehensive electronic trading model is required. SET model is the normal safety electronic online payment model based on credit payment currently. Through the commonly used payment model, this paper described the security character of SET model, and took the case of electronic purse, detailed the electronic payment transaction procedure under SET model.