The EuroPay-Mastercard-Visa, or EMV chip is the new standard in credit and debit card technology. The EMV chip is less vulnerable to fraud for in-person transactions because of the advanced technology in security and encryption. The EMV terminals have already been in place throughout the world and will become the standard in the United States in October of 2015.
The EMV chip is added to the side of the credit or debit card, replacing the traditional, and less secure, magnetic strip. Although many credit & debit cards today still have the magnetic strip, despite also having the EMV chip, they are slowly losing favor. Within the next few years, the magnetic strip will become as obsolete as the carbon copy credit/debit card swiper.
