Verizon to subsidize replacements of corporate-owned phones for 5G iPhones

Verizon will subsidize the replacement of corporate customers' entire fleet of smartphones with any of Apple's iPhone 12 models with 5G networking capabilities under its “Fleet Swap” program.

Verizon and Apple did not provide financial details of the arrangement.

The program can also be used to replace devices received from other carriers at zero upfront cost plus zero to a low monthly cost.

Verizon Business, the company's corporate-focused arm running the program, will sell 5G services to businesses for new applications, such as factory floors with sensor-equipped machinery that generates data for tracking production processes.

According to Tami Erwin, CEO of Verizon Business, the deal allows them to create an infrastructure for chief information officers as they build their digital roadmap.

Among Verizon's deals are to help deploy 5G networks at a General Motors Co. factory in Detroit and Honeywell's headquarters in North Carolina.