MasterCard and Visa are launching a “cross-industry effort to accelerate payment security” The move toward contactless payment technologies including NFC systems, like Google Wallet, means fraud is also evolving. The EMV initiative is managed by EMVCo, a joint venture of MasterCard, Visa, American Express, JGB, and American Express. EMV uses a data-processing chip embedded in an EMV card (debit or credit) or a mobile device to transmit encrypted credentials. This acts as a secondary form of identification for cardholder transactions.”]
Source: https://www.darkreading.com/attacks-breaches/emv-is-coming-but-is-it-too-little-too-late-