Competition can be a beautiful thing. Verizon this week announced a new iPhone upgrade program that will allow users to pay off their new iPhone in monthly installments. Under the new program, Verizon subscribers will be able to upgrade to a completely new iPhone model after just 12 monthly payments, provided that they trade-in their existing iPhone. The only overarching requirement is that half of the device’s full asking price must be paid off before a new phone will be handed out.
While Verizon previously allowed consumers to make month to month payments, that financing option was only available over the course of a two-year period, with no opportunity for users to upgrade early.