Blanking and piercing are shearing

Shearing (metalworking)

Shearing, also known as die cutting, is a process which cuts stock without the formation of chips or the use of burning or melting. Strictly speaking, if the cutting blades are straight the process is called shearing; if the cutting blades are curved then they are shearing-type operations...

 processes in which a punch and die

Die (manufacturing)

A die is a specialized tool used in manufacturing industries to cut or shape material using a press. Like molds, dies are generally customized to the item they are used to create...

 are used to modify webs

Web (manufacturing)

A web is a long, thin, and flexible material. Common webs include foil, metal, paper, textile, plastic, and wire. Common processes carried out on webs include coating, plating, and laminating....

. The tooling and processes are the same between the two, only the terminology is different: in blanking the punched out piece is used and called a blank; in piercing the punched out piece is scrap.
There are various types of blanking and piercing: lancing, perforating, notching, nibbling, shaving, cutoff, and dinking.
Lancing is a piercing operation in which the workpiece is sheared and bent with one strike of the die.