How does miiCard work? When you set up your account you enter your online banking credentials which miiCard uses to identify you as the owner of the bank account. That bank account will have been opened using identity documents and now that identity is used to create your miiCard. Your personal data is secure at all times; miiCard never actually sees it and it is not stored on any system. miiCard uses Yodlee, who have many years experience managing financial transactions, to handle the bank authentication process.
Once miiCard goes live on service provider websites, consumers will start to see the value in having a miiCard. miiCard brand awareness will also increase as consumers start to see it on more and more websites. In the early days I can see accepting miiCard being a competitive differentiator; availability of a miiCard authenticated application process would certainly make me more likely to use a particular service provider.
This video gives a nice summary of the miiCard proposition.
You can sign up for miiCard here.