Last month, Verizon Wireless (NYSE:VZ) unveiled a new service called Edge, a no-contract plan that allows customers to upgrade to a new phone after only six months. Now, Verizon has announced Verizon Max to go along with the new service in a bid to get unlimited data customers to try it out.
Before discussing Verizon Max, it’s important to talk about Verizon Edge, the new program that Max is running side-by-side with. Verizon Edge is a new service that allows customers to go on a no-contract plan, instead paying the full price of a phone over 24 monthly installments. After six months, customers are eligible to upgrade their device if they pay half the cost of their previous device and turn that device in.
Verizon Edge is a direct response to recent programs debuted by competitors AT&T (NYSE:T) with its Next service and T-Mobile (NYSE:TMUS) with its Jump program. Both programs offer upgrade options after six months.