<P> EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them . EMV cards are smart cards (also called chip cards or IC cards) that store their data on integrated circuits in addition to magnetic stripes (for backward compatibility). These include cards that must be physically inserted (or "dipped") into a reader and contactless cards that can be read over a short distance using near - field communication (NFC) technology . Payment cards that comply with the EMV standard are often called Chip and PIN or Chip and Signature cards, depending on the authentication methods employed by the card issuer . </P> <P> EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard . The standard is now managed by EMVCo, a consortium with control split equally among Visa, MasterCard, JCB, American Express, China UnionPay, and Discover . </P>

What is the chip in the credit card for
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