EMV

EMV (named for Europay, Mastercard and Visa) is the global chip-card standard, covering both inserted chip and contactless tap transactions. The chip creates a unique cryptogram per transaction, so a copied card cannot be replayed the way a cloned magnetic stripe could. Since the US liability shift, a merchant who accepts a swipe where a chip was available can be held liable for the resulting fraud, which is why accepting chip and contactless properly matters commercially, not just technically.