The name for the new card standard is EMV — Europay, MasterCard and Visa. EMV cards are more secure than magnetic stripe cards because of the built-in chip. The US is the last major country in the world to switch over to chip-based smart cards. The following is a checklist for merchants about to switch to EMV payment cards in about a year from now. If they don’t, they become liable for any fraud that results from them not being able to accept the chip cards.”]
Source: https://www.csoonline.com/article/2851069/12-point-smartcard-checklist-for-merchants.html