Verizon launches simpler plans and new loyalty program, drops some fees - Fox Business

Verizon is looking to attract and retain customers by offering new, simpler plans that will drop activation and upgrade fees while also rolling out a new loyalty program offering discounts and other perks. The company is competing aggressively with AT&T and T-Mobile in the telecoms market, with rivals looking to gain an edge with consumers and have extended device subsidies, added plan discounts and proposed increased spending on network infrastructure. The new "Simplicity" plan drops network tiers and will combine Mobility and Home on one bill, with taxes and fees included. Verizon said the new loyalty program will offer customers 3% back on bills from July that can be used to buy new phones or at consumer brands such as Sephora, Hilton, Marriott and Starbucks. VERIZON CUSTOMERS FACE 35-DAY WAIT TO UNLOCK PAID-OFF PHONES UNDER POLICY CHANGE Alfonso Villanueva, interim CEO of Verizon Consumer Group and Verizon chief transformation officer, told Reuters the move is about making it simpler and more flexible for customers. "How do we create a value proposition that makes sense for every cohort?" Villanueva told the outlet in an interview. "We are convinced that our retention will be even higher," he added. VERIZON NAMES FORMER PAYPAL BOSS DAN SCHULMAN AS CEO Verizon said postpaid customers on all phone and connected device plans can opt into its loyalty programs and avoid activation and upgrade fees. It is also offering perks like free Starbucks coffee, a Dunkin' Donuts treat or FIFA World Cup 2026 merchandise. Verizon in April raised its annual profit forecast under new CEO Dan Schulman. The company declined to say how much the changes announced on Tuesday would cost, but they are expected to be accretive to revenue.  The company also said that the new program wouldn't change its 2026 financial guidance. FANATICS AND AT&T ANNOUNCE EXCLUSIVE MULTI-YEAR PARTNERSHIP TO CONNECT MORE FANS TO SPORTS MOMENTS Like its rival AT&T, Verizon has leaned into discounted bundles combining high-speed broadband and wireless plans as part of a strategy to boost customer retention. T-Mobile has had success with its loyalty programs offering perks and aggressive marketing along with its plans which bundle Netflix, Apple TV and Hulu with five-year price guarantees. Last month, Verizon cut several hundred jobs after it said in November it was cutting more than 13,000. GET FOX BUSINESS ON THE GO BY CLICKING HERE Reuters contributed to this report.