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EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals (POS) and automated teller (ATM) machines, for authenticating credit and debit card transactions. It is the metallic microprocessor chip found on a credit card, and was developed to ensure the security and global inter-operability of chip based payment cards. If a card has a metallic strip and also a chip, only the chip is the EMV.

More details are available in this EMV PDF.