Sprint Nextel To Launch New Prepaid Plan (S, WMT)

Sprint Nextel Corp. S has struck a deal with Wal-Mart Inc. WMT for the launch of its new prepaid plan. The new service, Common Cents Mobile, is scheduled to debut on Saturday. The plan is specifically aimed at people with intermittent cell phone usage. Under the new plan, the users will be charged at the rate of 7 cents a minute for calls. Text messages would also be charged at 7 cents apiece. The mobile phone company is looking to bolster its lower-end phone segment to make up for the losses from its contract business. According to The Wall Street Journal, Common Cents plan boasts of a unique feature where the amount of minutes billed per call won’t round up to the nearest minute. Wal-Mart Inc. (WMT) will carry the service in more than 700 of its stores.