Earlier this week we heard rumors that Verizon was going to unveil a new device financing plan called Edge. During the conference call with investors, Verizon CFO had confirmed that the carrier was going to launch this plan. They’ve now officially lifted the wraps. The Edge plan will be available to subscribers from August 25th. The announcement comes merely days after T-Mobile launched its Jump program, an answer to which was soon provided by AT&T through its Next plan.

Customers who decide to go for the Edge plan won’t have to sign a contract. Instead they’ll be making equal monthly payments for the next 24 months, payment value will obviously depend on the price of a device. Verizon will let subscribers upgrade their device after six months provided that 50 percent of the device’s retail price has been paid off. Subscribers will have to trade in their old device, ensure that 50 percent retail value is paid and only then will they be able to upgrade, after which they will continue to pay equal monthly installments for the next 24 months. Verizon hasn’t said if it would provide insurance as well like T-Mobile Jump does.

Filed in Cellphones. Read more about Verizon.

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