EMV® is a global standard for credit and debit payment cards based on chip card technology” taking its name from the card schemes Europay, MasterCard, and Visa that developed it.
The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip at a payment terminal. The U.S. is in the process of moving towards this technology that is currently used in places like Canada and Europe because it increases the level of security and reduces potential fraud when processing transactions.