Nanocard on CCEDK - Is this how it works?

[karnal]

I don't think it does smartcoins yet. I'll be following this thread with interest.

[well.attenuated]

Given that everyone is so excited about this debit card I assume that it works like this, if I am wrong please correct me in a similar play by play manor.  (assuming the nanocard actually gets linked to CCEDK in 2 weeks^TM butterflylab).
0) I register my nanocard  with CCEDK and setup an account [me-nanocard] with multisig: activekey weight [CCEDK-nanocard]=1, activekey weight [me-nanocard]=2, threshold=3.
1) I go buy a pizza at dominos for $10.99 USD and swipe my nanocard
2) the BM bank issuing the debitcard pings debitcard holder CCEDK for the $10.99
3) BTS user [CCEDK] issues a multisig transaction from account [me-nanocard] to [CCEDK-nanocard] for 10.99 bitUSD (plus fees)
4) I get some kind of approval popup asking for me to approve transaction as activekey holder of [me-nanocard] which I validate
5) threshold is reached and [me-nanocard] pays [CCEDK-nanocard] 10.99+ bitUSD
6) CCEDK approves request from BM bank issuing debitcard.
7) Debitcard pays dominos $10.99
I leave dominos with pizza in hand and my [me-nanocard] account 10.99+ bitUSD lighter

am I correct here? because this is exactly how it should work IMO