According to a leaked Verizon document posted by Droid Life, the company could be launching a new plan called VZ Edge to let people with an insatiable appetite for the newest phones upgrade hardware faster than ever before. Although Verizon's upgrade cycle sits at 24 months for customers with traditional, subsidized phones, the company does let customers pay full retail price for their devices, spread out over 12 months. Under this new plan, said to be unveiled on August 25th, a customer would reportedly be able to upgrade after paying off just 50 percent of his or her current phone.

The plan sounds almost exactly like T-Mobile’s new Jump approach to pricing, which lets you swap your old phone for a new one up to twice a year, nixing the old payment plan and starting a fresh 24-month cycle for the new device. Not to be outdone, AT&T announced a similar plan of its own, called Next, allowing customers to get a new phone every year with no down payment. So far, details on Verizon's new plan are thin, but we’ll be keeping an eye out for more information closer to next month's rumored launch.