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So, what is the actual purpose of the physical card?

Weren't the Russians supposed to be doing something like this? Haven't heard much about that lately...

It's an enormous undertaking that'll take many years to design, build, test and launch, and the incumbents in this space are extremely well funded and notoriously anti-competitive.

And for God's sake, please don't call it Pepsi!!

Confirmation of Payee might help reduce APP fraud, as long as nobody tells the fraudsters exactly how it's going to work or how long they've got to adjust their MO to get around it......

A cloud-based single access point to global IDV data is every hackers dream.

I can certainly believe that!

So, this is prepaid debit, with standard card scheme protection for lost/stolen & fraud liability? Are there transaction value limits?

I have never lost a payment card.

I have, however, lost every single pair of sunglasses I have ever owned.