Mobile service provider Verizon has introduced a new set of data plans on Friday, August 7, according to a report from Pierce Pioneer. The company has announced data plans that let customers pay for their smartphones with monthly installments. Customers may also opt to just make an outright purchase for the device. Verizon is following on the footsteps of one of its biggest competitors, T-Mobile, which has also recently introduced new strategies to pay for wireless services, plans and contracts among other things.

The introduction of the new plan means that Verizon will not be giving discounts to customers anymore, as the installment payments allow for more time to pay for devices and services in full. This is a dramatic change for the company's customers, who get to increasingly pay for smartphones in exchange for lower mobile service charges. Verizon is shifting away from smartphone subsidies and traditional mobile contracts with this new business strategy. T-Mobile customers already know the drill, since the mobile network has launched a similar service two years ago.

Verizon's new plan offerings include four options to choose from, with varying data differentiating each one from the other. The smallest plan costs $30 per month and has 1GB data. Another has 3GB data and is priced at $45 a month. The bigger data plans cost $60 and $80 monthly, with 6GB and 12GB data. The new data plans will be available beginning this Thursday, August 13.

Verizon is one of the world's largest communications companies. It offers an array of different services, like mobile network, wireless connection and even television streaming. Just two weeks ago, the company has announced that it will be providing online streaming service for HBO's online platform, HBO Now. The service is available to Verizon's online users, but the company expressed that wireless users will also be able to avail of the HBO Now soon. No date has been specified.