Offline chip and pin transactions are possible and are also used (at least in Europe). Due to security reasons they are usually only used for lower amounts and

Offline chip and pin transactions are possible and are also used (at least in Europe). Due to security reasons they are usually only used for lower amounts and IIRC there's a maximum total amount that the chip is willing to sign without an online transaction in between. See https://www.aciworldwide.com/-/media/files/collateral/trends/emv_online_versus_offline_pin_validation_and_transaction_authorization_tl_us_1112_5058.pdf https://www.aciworldwide.com/-/media/files/collateral/trends... for some additional information.