But, wait before you get too excited.
"Today is the beginning of a new era for iPhone. Today we're bringing 5G to iPhone," said Tim Cook, CEO of Apple. "5G will bring a new level of performance for downloads and uploads, higher quality video streaming, more responsive gaming, real-time interactivity and so much more."
But even if your phone has 5G capability, you still need a 5G network. Verizon launched 5G in Philadelphia on Tuesday.
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"We use our millimeter wave spectrum there which has great speeds up to 25 times faster than our 4G network, as well as great capacity and lower latency," said Heidi Hemmer, Vice President of Network for Verizon.
But tech experts warn: don't expect that super speedy connectivity everywhere in the city.
"Verizon has had service in New York City where I live for a while now, but there's no service in my neighborhood, so it really doesn't do me a lot of good," said Bree Fowler of Consumer Reports.
Customers will begin to see Verizon's 5G Ultra Wideband service in the areas of Temple University, South Philadelphia sports complex, Logan Circle, Broad Street and South Philadelphia's Hawthorne neighborhood. But, it only works outside.
AT&T will bring 5G to Philadelphia on October 23.
"But, you know, with these towers if you go even a few feet away, you can lose a signal and when we're talking about millimeter wave technology which is what Verizon is using, it doesn't do well with obstructions," said Fowler.
The new iPhone 12 with 5G will be available for preorder this Friday but tech experts say they wouldn't necessarily upgrade to a new phone just for the 5G feature. At least, not yet.
LINK: More info about Verizon 5G