That's a big discount compared with AT&T, Verizon or Sprint, and best of all is a month-to-month plan with no contract.
Walmart already sells the iPhone 5, but with a contract.
The one catch with this: buyers will have to pay the full $600 cost of the Phone 5. Walmart will also offer a cheaper iPhone 4, at $400 with the prepaid option.
Apple Fighting Off Competition
Just a couple of years ago, discount iPhones would have been unheard of as it sold premium products at a premium price.
But the Journal says Apple's market share of smartphone sales worldwide has now fallen to 15 percent from 23 percent just a couple of years ago, as Samsung and other manufacturers increase their share.
So look for more discounts in the future, so you don't waste your money.
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