Harsh Goenka shares picture of tea seller that accepts crypto payments, calls it 'The new India'
A tea seller in Bengaluru is a combination of old and new by bringing modern technology together with a centuries-old business idea. Industrialist Harsh Goenka posted an image of the tea stall that accepts payments in cryptocurrency, calling it an example of “The new India.”
The tea seller is identified as 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 an interview.
The new India….. pic.twitter.com/MQjO6FHiOY— Harsh Goenka (@hvgoenka) December 1, 2022
But when the crypto market fell in April 2021, Saini had to start all over again. “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.
Experiencing financial crunch, the 22-year-old tea seller decided to open a 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.