Verizon ends two-year contracts with new plans

Customers joining Verizon will have to pay the full cost of their smartphone if they choose to stick with the wireless carrier, according to new data plans revealed Friday.

In a statement, Verizon says the new plans — which take effect August 13 — will be available in four forms:

Small: $30/month for 1GB of shareable data

Medium: $45/month for 3GB of shareable data

Large: $60/month for 6GB of shareable data

X-Large: $80/month for 12GB of shareable data

As for buying a smartphone, Verizon says customers will only have two options: pay the full retail price at once or make a series of smaller payments. Currently, Verizon subsidizes the cost of a smartphone to offer a lower price.

"We're simplifying the experience of choosing a wireless plan by focusing on what customers say matters most to them," says Verizon spokesman Chuck Hamby. "We're also simplifying the math. These new options provide simple and clear billing, helping make accounts easy to manage and personalize."

Users also pay $20 a month per smartphone line, $10 a month for tablets or Jetpack mobile hotspots, and $5 a month for "connected devices" like smartwatches.

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