Refraction occurs when light transitions from one medium to another, causing a change in speed and direction as described by Snell's law. The interaction between photons and atoms in the medium is crucial, but the slowing of light is a macroscopic phenomenon rather than a direct result of photon speed reduction. Conservation of momentum explains the change in direction, but the microscopic details of how light interacts with electrons complicate this understanding. The differing angles of red and blue photons when passing through glass highlight the complexity of refraction, as they experience different speeds due to their wavelengths. Ultimately, the nature of refraction involves intricate interactions at both microscopic and macroscopic levels.