I went into a Verizon store to get a 5G sim for my iPhone 12 Pro and was told 5G is not available for prepaid. Also told me that I would need to move to a post paid plan to get a 5G sim. But Verizons own website says 5G is available for prepaid customers. I always pay full price for my phones so I can pay less ($40 a month) for prepaid. I've attached a screenshot.
I have a similar question. My iPhone 12 Pro came with a 5G sim, but to activate the phone I had to use the (4G) sim from my old phone. I'm trying to figure out how to use the new 5G sim.
I think what the deal is that the 5G Ultra Wide Band is what prepaid customers can't get until "early 2021". But we are able to get on the "nationwide 5G" (which is still LTE) using our old sims. I can't test it yet because I get only 1 bar at my house. But try this...go into your cellular settings (cellular > cellular data options > voice &data) and change it to "5G On". Do a speed test, and then go back into settings and change it to LTE and do another speed test. Compare speeds. I did this on my wife's 12 Pro on T-Mobile and it was about a 25mbps increase from LTE to "5G".