EMV stands for Europay, MasterCard, and Visa, which are the three companies that developed this global standard for credit and debit card payments. EMV technology uses embedded microchips in cards to enhance security during transactions. This chip generates a unique transaction code for each purchase, making it difficult for fraudsters to replicate. The adoption of EMV has significantly reduced card-present fraud, as it requires customers to either insert their card into a terminal or tap it for contactless payments. Many countries have transitioned to EMV-compliant systems, ensuring safer transactions for consumers and merchants alike.