MasterCard exec: It’s Time for EMV technology to migrate from magnetic stripe to chip technology. Chip cards using the EMV standard contain an embedded microprocessor that stores and processes encrypted information. MasterCard president Chris McWilton: “This migration is about an upgrade that will drive both innovation and security for all parties, most importantly for consumers and cardholders” He acknowledges the public finger-pointing and posturing seen in the wake of the Target Corp. and Neiman Marcus breaches.”]
Source: https://www.bankinfosecurity.com/mastercard-exec-its-time-for-emv-a-6455