Selling prepaid mobile phone airtime, commonly known as recharge cards, can still be a lucrative business in many markets, but there are some important caveats. Here are a few key factors to consider:

• Market penetration – In mature markets with high smartphone and mobile payment usage, recharge cards are declining as fewer people need them. But in developing markets with high prepaid usage, demand remains strong.
• Commissions – Recharge card distributors/agents often earn a commission on each top up. Typical commissions range from 1-5% or more of face value. Higher volume sales are needed to generate meaningful income.
• Exclusivity agreements – Many mobile carriers sign exclusive territory/outlet agreements to limit competition amongst distributors. Having an exclusive territory provides higher sales potential. Non-exclusivity is tougher.
• Distribution network – Leveraging an extensive retail network of corner shops, kiosks, supermarkets etc. is key for scale, though management is challenging. Digital distribution (apps, websites) is increasing.
• Operational costs – Distributors incur costs for inventory, logistics, retail space, staffing, etc. These costs eat into margins. Larger scale provides bargaining power to reduce costs.
• Alternatives emerging – Mobile wallets, bank account based recharging, credit/debit card payments are replacing physical top ups. Adaptability to new digital payment forms is necessary.

So in summary – the recharge card business can still be quite lucrative, especially for major distributors in high-growth prepaid markets. But it requires scale, efficiency and adaptation as mobile payment methods evolve. The business fundamentals are also deteriorating in mature markets.