Leading wireless company, Verizon Communications Inc. (VZAnalyst Report) has announced that its subscription streaming TV service, Redbox Instant will now play Apple Inc. (AAPLAnalyst Report) AirPlay. However, customers with iOS 6 platform will only have AirPlay content streaming on their devices as downloading is not supported by the earlier version of iPhone’s operating system.

Verizon has been focusing on increasing its service enhancements. The addition of Apple Airplay will only add to its growing popularity among U.S. wireless users.

Apart from AirPlay, Verizon recently launched Isis Mobile Wallet, which offers users the benefits of virtual versions of debit and credit cards. Isis Mobile Wallet uses near-field communication to ensure a safe and secure transaction without swiping a card. The app can be downloaded through Google (GOOGAnalyst Report) Play Store and is supported by an enhanced SIM card available at the company’s retail outlets or at My Verizon. The company is also offering 15 pre-installed Isis Mobile Wallet phones including Samsung Galaxy S4 and several other DROID smartphones.

Verizon is consistently collaborating with other companies to foster market share gains in different service categories as well as enter new sectors without seeking merger and acquisition strategies. The company has tied up with Cox Communications to offer bundled service packages consisting of video, phone and Internet in Phoenix and Las Vegas. The telecom carrier has also extended its multi-year agreement with National Football League (NFL) for content delivery. The renewed agreement is expected to extend the ties between the two entities through the inclusion of live afternoon coverage of games aired by CBS Corp. (CBSAnalyst Report) and Fox Sports on Sunday and as well as off-season games.

All these applications and services of Verizon are supported through its expanding smartphone sale, which is also a key driver of growth. Verizon smartphone penetration increased to 67%. It activated 7.6 million smartphones and introduced numerous devices to attract customers to 4G LTE that covers over 64% of total data traffic.

In addition, the plan to roll out VoLTE is expected to boost its performance level. The first set of handsets will be available by 2013 end, with more coming in 2014. We believe that these handsets will reduce Verizon’s reliance on CDMA chipsets, leading to lower device cost. Additionally, voice traffic on LTE will help the company in refarming its 3G spectrum to accommodate LTE and increase bandwidth. Further, the company’s 4G LTE Router – an Internet access gadget compatible with both wired and Wi-Fi-enabled devices – will likely gain popularity in the coming days.

Verizon has a Zacks Rank #3 (Hold).