(Credit: Aio Wireless)

Well, this is interesting. AT&T launched a brand-new prepaid network on Thursday that goes head-to-head with T-Mobile’s new no-contract model.

Called Aio Wireless (pronounced AY-oh), the new wireless service provider leans on AT&T’s network and offers a range of prepaid devices, including Apple ‘s iPhone 5, which costs 649.99 full retail.

Other smartphones are decidedly more entry-level, and Aio does not offer premium devices like the Samsung Galaxy S4 or Nokia Lumia 920. It does, however, sell Nokia’s budget Lumia 620 Windows phone 8 device for $179.99.

There are striking similarities between Aio’s new service and T-Mobile’s, including the no-contract angle, of course, and being able to pay for a phone up front, in installments (Aio uses a third-party leasing company,) or simply bringing a compatible unlocked phone from another network.

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