Verizon CEO Lowell McAdam says he’s open to getting rid of contracts

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Speaking at a company event, Verizon CEO Lowell McAdam told reporters that he would consider dropping contracts if wireless customers were interested in that type of phone purchasing model. McAdam added that he is watching T-Mobile to see how its new no-contract initiative works out. It would be “pretty easy” for Verizon to drop its contract plans, said McAdam.

T-Mobile recently announced its new Simple Choice plans that separate the wireless plan from the purchase of the phone. T-Mobile customers now can choose a cellular service plan with calling, texting and data that doesn’t require a contract. They can either bring their own phone, buy a phone at full price or purchase one with a payment plan. Most phones on a payment plan have a small upfront cost with monthly payments that last two years.

[Via PC World]

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