Verizon Wireless (VZ, VOD) officially announces its Edge monthly installment/early upgrade plan...

|About: Verizon Communications (VZ)|By:, SA News Editor

Verizon Wireless (VZ, VOD) officially announces its Edge monthly installment/early upgrade plan (previously mentioned in a leaked slide) in the wake of its Q2 report. Edge does away with service contract requirements (unlike AT&T's (T) Jump), involves 24 monthly installments for smartphone purchases, and only requires users to wait 6 months for an upgrade (AT&T requires 12 months). However, users have to pay off 50% of a phone's price before they can upgrade, and can only join Edge if they sign up for a costly shared data plan. (Verizon's Q2: I, II, III)