Starting today, Verizon will no longer be allowing customers who are upgrading their smartphones to purchase a two-year contract, effectively eliminating two-year contracts for all new and existing users.

While Verizon did away with two-year contracts for new customers back in August of 2015, existing customers were able to re-purchase two-year contracts when upgrading their smartphones. That option is no longer available, and customers will be transitioned to device payment plans as their contracts expire.

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Two-year contract upgrade options are no longer available at Verizon stores and have been eliminated at partner stores, including Apple retail stores.

Customers who are currently on a two-year contract will need to purchase a phone outright or choose a device payment plan when their contracts expire and they need to upgrade their phones. A device upgrade fee will be required as well.

Verizon device payment plans for the iPhone 7 start at $27.08 per month, while plans for the iPhone 7 Plus start at $32.08 per month. Verizon offers a range of data plans, from 2GB for $35 per month to 24GB for $110 per month, with a $20 access fee for smartphones.

Verizon's move to fully eliminate two-year contracts comes on the heels of T-Mobile's "Un-carrier Next" announcement, which will see T-Mobile offering a single $70 per month unlimited plan with no additional fees.

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