Verizon is reportedly getting ready to announce a new plan, or update an existing one, in order to allow customers to upgrade to a new device faster than two-years.
Called VZ Edge, the new plan would let users get new phones without inking a new two-year deal once 50% of the previous handset purchased from the carrier is paid off. Many details are missing in action, with the company expected to unveil the new plan in late August.
According to an internal document obtained by Droid-Life, VZ Edge will help customers “stay on the leading edge of technology.” Apparently buyers will pay a monthly fee for the device instead of paying it upfront and upgrade once half of it is paid off.
Actual numbers aren’t offered at this time, but the slide below says VZ Edge will not come with upgrade fees or contract extensions. You’ll just have to pay for the handset. It’s also not clear what happens with the old device, once an upgrade is requested.
The publication reminds us that Verizon has recently extended upgrade periods to 24 months, but also introduced a new device payment offer that would let buyers interested in upgrading earlier to pay for a handset full price over a 12-month period.
It’s not clear whether VZ Edge will be tied with that particular offer – although it would make sense for Verizon to include it in that particular plan. But VZ Edge seems to be a direct response to T-Mobile’s recently announce JUMP upgrade plans.
It’s too early to compare the two, especially since Big Red’s new upgrade plan is only at rumor level for now, but we’ll tell you more about VZ Edge and how it fares against JUMP as soon as Verizon makes it official.