MemeChat has introduced instant monetization for its creators. Being the first ever brand to introduce instant withdrawal, a meme creator can withdraw Rs 1000 unlimited times in a single day.
As per the report, India, with 700-750 million users, has the world's second-largest and fastest-growing Internet user base. Indians, on average, spend 38 minutes per day watching short-form content. However, the withdrawal option provided by mobile applications via IMPS or NEFT is a gestation period of around 3-7 days.
The instant withdrawal feature by MC can be accessed through the updated reward section which will provide access to movie tickets, giveaways, scratch cards, and brand vouchers which a creator will achieve by completing various tasks.
Speaking on the development, Kyle Fernandes, CEO and Co-Founder MemeChat said, "Our aim is to help the creator ecosystem realise the economic value of their community. We are driven to build an ecosystem that is both economically sustainable and progressive. Such initiatives will help enable creation and experimentation; acknowledging and reward performance and connect creators with economic opportunities like branded content. This is how talent across India will become visible to audiences nationally."
Over the last three years, MemeChat has successfully built one of the largest meme communities in the country. With over 12 million+ downloads and over 30 million memes generated on the application, MemeChat continuously innovates to stay true to the motto of – Make Memes Earn Money. In addition to the feature of instant withdrawal, MC also empowers the ever-growing meme creator community by monetizing memes on The Meme Club – An NFT Marketplace.