The latest conflict concerning millions around the world doesn’t involve shooting, or weapons of any kind, but cell phone use.
The latest salvo was fired by T-Mobile (NASDAQ: TMUS), which announced a new promotion on Wednesday targeting Verizon Wireless (NYSE: WZ) customers to move to its network.
T-Mobile is offering – get this -- to pay the full balance of Verizon customers' phone lease — up to $1,000 — if they switch from Verizon.
It’s all in aid of T-Mobile’s efforts to continue its subscriber growth. The carrier added a higher-than-expected 914,000 subscribers during the first quarter, thanks to similar offerings that have lured customers.
Verizon's wireless revenues were down 5.1% during the first quarter, when it said it lost 307,000 subscribers.
T-Mobile said its new offer applies to customers who are signing up for a new T-Mobile One service line with device protection. T-Mobile One, the company's unlimited service, starts at $70 for one line. Device protection costs an additional $15 per month.
T-Mobile says customers who make the switch will receive a prepaid MasterCard within 15 days, and that customers will be able to keep their same phone number. It claims to be ridding the friction that customers experience when switching from Verizon—no more giving up their devices, buying a new one and transferring your photos, contacts and apps.
The promotion starts on May 31.
Meantime, in the stock wars between the two, TMUS shed 37 cents a share late Wednesday morning to $67.25, while Verizon dropped 41 cents to $45.07.
