Some good news for prepaid fans as Walmart stores have begun carrying the iPhone 5 for T-Mobile. The caveat is that T-Mobile’s sale of the iPhone 5 is only good for T-Mobile’s prepaid accounts and it’ll set you back a cool $629 dollars to do so. The offer is good for any of T-Mobile’s current prepaid plans and Walmart does offer in-store financing plans — which are completely separate from T-Mobile’s Simple Choice equipment installment plans. I’m told around 1300 Walmart locations are currently selling the iPhone 5 in both black and white, presumably in the 16GB variety only. Walmart will take care of the activation right in-house and customers should walk out the door all set up.

All in all it’s not a horrible deal given the pricing is right around the full retail price unlocked customers would pick up their own iPhone 5 for. Still, my hope is that sometime in the near future T-Mobile and their national distributions retailer chains will be able to sell the iPhone 5 on the company’s Simple Choice and UNcarrier offerings.