BlackBerry will buy your iPhone

BlackBerry Passport: Hip to be square
BlackBerry Passport: Hip to be square

BlackBerry wants your iPhone, and will pay for it.

In return, BlackBerry (BBRY) is telling Apple (AAPL) customers they will have to switch to Passport, the smartphone with a square screen that Blackberry launched earlier this year.

BlackBerry will pay $550 to iPhone users who participate in the so-called "trade up" plan.

That would cover the basic cost of a Passport, which is currently retailing for $499 on Blackberry's web site.

Related: The CrackBerry is back? Not so fast

BlackBerry has been struggling in the smartphone market, with sales plunging more than 40% in the most recent quarter.

Marty Beard, chief operating officer, called the Passport "a beautiful screen that allows you to be very productive," with a shape that's good for reading documents.

The iPhone evolved
The iPhone evolved

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