Not a unique service, lots of countries have a localised and integrated payment system, notably the asian countries from malaysia all the way to japan. Everything from online payments to buying groceries and taking the subway/railway can be paid with their version of a local only [debit/prepaid] card. Big issue is governments non-existent positive reputation with money and outsourcing work, can't see this taking off without being riddled with overspending on tenders, and then the questionable availability of skills for development and maintenance. Idea is fine, execution is predicted to be horrible.