EMV refers to a global standard for credit and debit cards that uses computer chips instead of magnetic strips. The chips generate unique transaction codes for each purchase, making the cards more secure against fraud. When using an EMV card, the transaction process is similar but may involve dipping the card or tapping it. The new standard shifts liability for fraudulent transactions to merchants if they have not updated their payment terminals to accept EMV cards. This creates an incentive for merchants to upgrade their systems.