How are Redis pipelining and transaction different?

Pipelining is primarily a network optimization. It essentially means the client buffers up a bunch of commands and ships them to the server in one go. The commands are not guaranteed to be executed in a transaction. The benefit here is saving network round trip time for every command.

Redis is single threaded so an individual command is always atomic, but two given commands from different clients can execute in sequence, alternating between them for example.

Multi/exec, however, ensures no other clients are executing commands in between the commands in the multi/exec sequence.