Cryptocurrencies News

Tea seller in Bengaluru, India accepts crypto payments, becomes social media spotlight

A roadside tea seller in Bengaluru, India has attracted social media attention by accepting payments in cryptocurrencies. The particular small-scale business’s owner is reportedly run by Shubham Saini. He operates out of his only ship in Marathalli, Bengaluru.

More details on the tea seller who accepts payments in crypto

Some reports suggest that Shubham began his business back in 2021 when the crypto market fell by a solid margin, to which he possibly lost his fortune. His shop is called ‘Frustrated Dropout.’ He had a starting capital of ₹30,000. The seller has put up slates in front of his shop for converting dollar rates to Indian rupees.

The ‘Frustrated Dropout’ sells tea for 20 INR or $0.26 each. Thus, customers who are willing to pay the amount in crypto have to send him digital money worth $0.26.

Twitter user @akshaymarch7 shared a picture of Shubham’s tea stall with the caption “Just Bangalore things” which has attracted some social media attention. However, several Tweeters have commented on the complexity of accepting cryptocurrency payments in a small-scale business. Some people also have enquired how the seller determines the exact exchange rates. Twitter user @ankitsharma_007 commented “How does he accept crypto? Which all coins are accepted? How does he decide the exchange rate? I have so many questions.”

Commenting on the transaction method, a Tweeter @Sagar4826161 said that he is probably using transaction charge-less services like Binance Pay or BUSD normal transactions. However, Shubham’s acceptance of crypto has also attracted some backlash as crypto transactions charge users gas fees, the amount of which is unreasonable for small transactions worth a few cents.

Although it is noteworthy that accepting cryptocurrencies does require extra resources, which could have rather put behind making higher profits. However, this move is smart and goes on to show the tech savviness of the inhabitants of India’s tech capital.

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