The U.S. is moving to new chip cards based on a global standard called EMV, already in use in 2.37 billion payment cards worldwide, to enhance in-person payment security for consumers, merchants and issuers.

The U.S. move to EMV chip payments is being driven by the payments industry’s desire to reduce card fraud in a face-to-face card-present environment, provide global interoperability, and enable safer and smarter transactions across contact and contactless channels.