Verizon has announced a new device payment method called Verizon Edge. It is a flexible equipment payment plan that spreads the retail price of a phone over 24 months. You can also upgrade to a new phone after six months if 50 percent of the retail cost has been paid.

You choose the phone you want and sign up for a month-to-month service plan. The full retail price of the phone will be divided over 24 months and you’ll pay the first month at the time of purchase. There are no long-term service contracts, finance charges or upgrade fees with Verizon Edge. Every six months, as long as 50 percent of the cost of the phone has been paid, you can upgrade to the newest basic or smartphone available.

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Verizon Edge will be available to customers on Share Everything plans starting August 25th.