EMV Definition. EMV® is a global standard for credit and debit payment cards based on chip card technology taking its name from the card schemes Europay, MasterCard, and Visa-the original card schemes that developed it.hip and PIN Definition. These transactions are often referred to as Chip and PIN because PIN entry is required to verify the customer is the genuine cardholder. This is a simplification since the EMV specifications include other cardholder verification methods as well.