PayLo by Virgin Mobile, via Sprint's prepaid portfolio, was announced today as the latest prepaid wireless service to join the fold.

PayLo offers a 400 minute plan for $20 a month, which is moderate five cents a minute. Another plan option is for customers who use their phone less frequently, $20 provides 90 days of active service with minutes at the basic rate of 20 cents each, for a monthly cost to consumers as low as $7.

"payLo is perfect for low-usage wireless consumers who primarily use voice to stay connected and are looking to keep their wireless spending to roughly $20 or less per month," said Neil Lindsay, chief marketing officer, Virgin Mobile USA, in a statement.

Sprint bought Virgin Mobile and its prepaid wireless stable in July 2009. Interestingly, some U.S. senators have urged regulators to crack down on prepaid plans as their anonymity could be attractive to criminals.

This service allows customers to activate additional minutes and add money to their account with a $20 Top-Up card and a $10 Top-Up card to add funds for text messaging, Web access, ringtones, downloads and more. Featured handsets offering this are LG101 priced at just $19.99 and the Samsung M340 at $39.99.

PayLo will begin rolling out this month in drug chains and convenience stores as well as retail stores like RadioShack and Best Buy.