Harsh Goenka’s post on Bengaluru tea seller who accepts crypto payments

A Bengaluru tea seller accepts payments in crypto (Image: @hvgoenka/Twitter)

A small tea stall in Bengaluru represents the amalgamation of old and new by bringing modern technology together with a centuries-old business idea. Industrialist Harsh Goenka shared a picture of the tea stall that accepts payments in cryptocurrency, calling it an example of “The new India.”

The tea stall is run by Shubham Saini, a crypto trader who started the venture after dropping out of his BCA course.

"I had invested Rs 1.5 lakh, and in the matter of few months, I witnessed a 1000 per cent jump in my portfolio. Soon, my crypto wallet increased to Rs 30 lakh, and this was a big deal for a student like me," he told the Indian Express in a September interview.

But when the crypto market crashed in April 2021, Saini found himself back to square one. “I was back exactly where I started, from Rs 30 lakh to Rs 1 lakh. I couldn’t believe that one night could change so much in my life,” he said.

The new India….. pic.twitter.com/MQjO6FHiOY

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— Harsh Goenka (@hvgoenka) December 1, 2022

Facing financial hardship, the 22-year-old decided to open a roadside tea stall in the startup capital of India. Customers at his tea shop have the option of paying with cash, UPI or cryptocurrency.

A cup of tea costs Rs 20 or $0.26 at the stall. Saini uses Paxful, a platform for buying, selling and trading cryptocurrency, to accept Bitcoin payments.

“Any customer who wishes to make the payment has to simply scan the QR code just like UPI, convert INR to the dollar, and then make the payment in cryptos,” he says.