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article imageVerizon open to dropping contracts

By Owen Weldon     Apr 4, 2013 in Business
Mobile carrier T-Mobile recently announced their no-contract plans, and now Verizon said that it is open to the idea of dropping contracts too.
On Wednesday, Lowell McAdam, Verizon's CEO, said that he is happy when he sees something different tried, and that his company can take quick action when consumers' needs shift. He went on to say that Verizon would follow T-Mobile's lead if it seems like customers show interest in similar contract free service options, according to BGR.
According to CNET, Verizon already offers phones that without a contract, but in order for a customer to get one, they will need to pay the full price of the phone. Some phones may cost $200 on a two-year contract and subsidy, but without a contract those phones may cost $650. However, the carrier does not promote this option heavily.
According to PCMag, Verizon is not the only mobile carrier to express interest in dropping contracts. AT&T chief Randall Stephenson said that he found the concept interesting, and that his company has looked at the option on several occasions.
Stephenson said that he will also be watching and see how the idea is received in the market place.
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