By Trevor Daughney
Canada is doing away with the penny, stamping its last one-cent coin in May. It costs considerably more to make than it’s worth. If you are like me, its demise fits with your plans. When I can, I use plastic instead of cash. Increasingly, I use my phone instead of plastic.
For example, I recently made a last minute stop into Le Beau, my San Francisco corner store, and used LevelUp to buy grapefruit juice and lunch supplies. A wallet is one less thing to carry.
A digital wallet also has conveniences that money can’t buy. I used PayByPhone the other day to pay my parking meter. The mobile app notified me that the meter was running out and allowed me to top it up without stepping away from brunch and my flight of maple-glazed bacon. The city of Vancouver has a similar phone-based system, though you are required to call a number.
Mobile payments also make it convenient (and affordable for the government) to continue breaking down prices by the cent, nickel, dime or quarter. Long live the penny.