The leaked plan we reported on Monday has been confirmed: Verizon is joining the ‘hang onto your early adopters by letting them upgrade handsets every six months’ club, closely following T-Mobile’s leadAtD explained how it works:

With Verizon Edge, you pay the full retail price of a phone, along with a month-to-month service plan. The cost of the handset is divided into 24 monthly installments, and the first payment is due at the point of sale.

If, after six months, you decide you want to upgrade your phone, you can do so, as long as you’ve paid 50 percent of the unsubsidized price, and the phone is still in working condition. Once you trade in your device, all final payments are waived, you choose another handset of your liking, and start all over again.

Verizon Edge is only available to those on one of Verizon’s Share Everything plans, starting at $40 per month. The company has not yet updated its site with full details, just an email sign-up to find out more.

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