EMV contactless payments and magnetic stripe constactless payments are both based on the near-field contact (NFC) technology. That is why sometimes they are called NFC payments. The basic difference is as follows. Magnetic stripe contactless payment is similar to an ordinary card swipe: card data (number, cardholder name, expiry date) is scanned by the payment terminal and communicated further along the line. EMV contactless cards and payments also have much in common with standard (contact) EMV technology: data exchange between the terminal and the contacless card is performed through a chip.
EMV contactless payments do impose several limitations, related to technology and security. however they allow you to simplify certification process significantly. More information on contactless payment processing is available in the respective article on Paylosophy