Developers have this infamous interview question "what happens when you type google.com into your browser's address box and press enter?"
Let's answer a set of similar questions, but in the money space :$
- The point of sale (PoS) prompts for your PIN, or read information in your magnetic stripe or via RFID (touchless payment)
- It then needs to ask for an authorization to your bank (issuing bank, as they "issued" the credit or debit card).
- The PoS uses the internet to talk to its acquiring bank (the one that acquired the business, asking them if they wanted to support bank cards and providing the PoS).
- The acquiring bank talks to the VISA/Mastercard network.