Sprint Corp. (NYSE: S) on Friday announced a new leasing option for customers who want to upgrade their smartphone every year.
The new program is called Sprint Flex, which provides customers the opportunity to lease all phones provided by Sprint and then have the option to upgrade and purchase later. This is similar to its current “iPhone Forever” and “Galaxy Forever” programs. What different is that you can upgrade to any new phones after one year if you pay $5 more. After 18 months, you have the option to pay it off in a time or pay it in six monthly increments, and you can choose to return it and upgrade a new one.
“Sprint Flex is the ultimate option for consumers who want the latest device at our most competitive prices with maximum flexibility," said Marcelo Claure, Sprint President and CEO. “Sprint Deals goes one step further, giving price-conscious consumers incredible offers and the option to upgrade to the latest phones every year.”
The competition in the U.S wireless industry intensified this year, with major carriers all providing unlimited data plan to gain market shares. Earlier this year, Sprint began offering five lines of unlimited data for $90.
Sprint, the fourth largest wireless carrier in U.S., is currently owned by Japan’s SoftBank Group Corp. The company has been exploring a potential merger with its rival T-Mobile US Inc.