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Verizon Wireless Introduces Unlimited Pre-Paid $50 Per Month Phone Plan

Verizon Wireless has introduced a new unlimited plan for pre-paid customers to compete with Sprint and AT&T.

According to the company, for $50 per month, pre-paid users will be get unlimited voice calls, text messages, MMS messages and Web access.

The plan does not cover smartphones, including iPhone and Droid. The plan is valid for feature phones including the LG Revere, LG Cosmos, Pantech Caper and Samsung Gusto - which will be available from BestBuy, Target, Wal-Mart and RadioShack, and Verizon stores. The company said that additional feature phones will be added to the mix soon.

The devices which qualify for the scheme are available from Vodafone from $40 and $100.

The company has nearly halved the price of its unlimited pre-paid plans. Earlier, the same plan was available for $95.

Verizon also said that users who already use feature phones with other Verizon pre-paid plans will be able to switch to the $50 per month unlimited scheme.

"We want to allow customers who have more of a pre-paid lifestyle to join the network. It's a 'cash and carry' relationship with Verizon Wireless," a Verizon spokeswoman said.