Back in April, after extending upgrade periods to a full 24 months, Verizon introduced a new device payment that would allow customers to upgrade phones by purchasing them at full prices with the payments spread out over a 12-month period. According to sources of ours, Verizon will introduce a new upgrade initiative on August 25 called “VZ Edge” that will allow customers to upgrade their phones much more frequently to “stay on the leading edge of technology.”

In an training slide detailing the new plan, we can see that Verizon is offering up VZ Edge as a way for customers to avoid signing contracts and upgrade fees, while remaining on the “best network” and with the latest devices. All of the specifics are not yet available, but this slide does mention that if customers are on the previously mentioned monthly payment plan, that they can upgrade to a new device at any time once they have paid off 50% of their current phone. The document doesn’t say specifically, but we would assume that this new VZ Edge plan is for those who participate in the device payment plan only.

While the pricing of Verizon’s plans may not be the cheapest in the land, this is at least a move in the right direction in terms of offering customers upgrade options, especially after they raised upgrade periods to 24 months. With this new VZ Edge plan, you could upgrade quite often and still never have to sign a new contract. Isn’t that what you all want?

Note: We’re seeing early comments wonder about keeping unlimited data. While we don’t have 100% confirmation, we do know that Verizon lets you keep unlimited data if you participate in the current device payment plan. Since VZ Edge appears to be an extension of that plan, I would assume this would also allow you to keep your unlimited. The slide specifically mentions “no service contract,” which is like buying a phone at full retail or through the payment plan.

Update: Verizon has confirmed with the announcement of Edge that you cannot keep unlimited data.

In a way, VZ Edge is like T-Mobile’s new JUMP! program, which allows their customers to upgrade twice per 12 months. In theory though, one could upgrade more often through Verizon’s new program, however, there is going to be a difference in the voice/text/data plan pricing from carrier to carrier.

We’ll see what other details we can dig up, but from what we can tell, this new upgrade plan will go live on August 25.