In good news for iPhone 5 enthusiasts, the Verizon Wireless iPhone 5 that hit retail shelves Friday comes unlocked and works on AT&T's network too.

The Verizon Wireless iPhone 5 accepts AT&T SIM card and the phone is active on AT&T's network, the Associated Press reported. This is the first time Verizon iPhones have been able to access AT&T's network without a complicated hacking procedure.

Though the feature may be of little value to customers who are bound by a two-year contract, it does give an option to switch carriers.

The iDownload Blog confirmed Friday that Verizon's iPhone also runs on AT&T's HSPA+ (4G) network.

Though AT&T's 4G speed are nowhere closed to LTE speed, they appear to be better than 3G speed, iDownload said, adding that the device should also work on T-Mobile's network.

Verizon confirmed to CNET that its iPhone 5 is sold unlocked out of the box.

CNET noted that AT&T's and Verizon's 4G-class networks achieve different levels of high-speed connectivity.

Previously, during iPhone 4S release, Sprint launched unlocked versions of the device that worked on AT&T network. But later software updates deleted that capability, AP noted.