Verizon Wireless today officially unveiled Edge, a new early upgrade and device payment plan.

Starting Aug. 25, customers on Verizon's Share Everything plans will be able to pay for their smartphones in installments, over the course of 24 months. There will also be the option to upgrade your phone after six months if you have paid off 50 percent of the cost of your existing device.

"Here's how it works: Choose the phone you want and sign up for a month-to-month service plan, it's as easy as that," Verizon said in a statement. "The full retail price of the phone will be divided over 24 months and you'll pay the first month at the time of purchase. If you want to upgrade after 6 months, just pay off 50 percent of the full retail price of the phone and you can choose a new phone and start all over again."

Customers can then upgrade every six months, as long as they reach that 50 percent payment threshold on their previous phone.

"Technology changes fast. You purchase a phone or tablet and within a few short months, something new hits the shelves," Verizon said.

Verizon unveiled its Share Everything plan last year, which lets customers add up to 10 Verizon devices onto one wireless plan. Customers select the devices to add to their account and then how much data they expect to consume.

During a Thursday conference call, Verizon CFO Fran Shammo said that more than 36 percent of post-paid customers are now on a Share Everything plan. During that call, Shammo also confirmed that Verizon would launch its Edge plan, but offered no other details.

Verizon is a bit late to the game. AT&T recently unveiled a similar plan, dubbed Next, while T-Mobile offered up its Jump plan. T-Mobile customers will be able to trade in their phones twice a year, while AT&T customers can upgrade every 12 months by paying monthly installment fees on the price of the phone. For more, check out AT&T Next vs. T-Mobile Jump: Smoke and Mirrors?