What Does it Mean?
EMV is a global payment system, a technical standard for smart payment cards, payment terminals and automated teller machines which can accept them. EMV cards are normally called smart cards (also called chip cards or IC cards) which store their data on a microprocessor chip embedded on the card. The old way was to store data on a cards magnetic stripe, although this was easily copyable by thefts.
EMV stands for Europay, MasterCard, and Visa, the three companies which originally created the standard.