In line with a leaked document from earlier this week, Verizon today announced the upcoming launch of its new "Edge" handset upgrade program. Similar to AT&T's "Next" program introduced earlier this week and T-Mobile's "Jump" offering, Edge is designed to allow users to upgrade their handsets more frequently.
Here’s how it works: Choose the phone you want and sign up for a month-to-month service plan, it’s as easy as that. The full retail price of the phone will be divided over 24 months and you’ll pay the first month at the time of purchase. If you want to upgrade after 6 months, just pay off 50% of the full retail price of the phone and you can choose a new phone and start all over again.
There are no long-term service contracts, finance charges or upgrade fees with Verizon Edge. Every six months, as long as 50 percent of the cost of the phone has been paid, you can upgrade to the newest basic or smartphone available.
According to AllThingsD, customers must also trade-in their existing handsets in order to upgrade under the program. Verizon's Edge program launches August 25 for customers on the carrier's Share Everything plans.