Microsoft’s much awaited flagship Lumia handsets have finally been unveiled today but the company also had another device up its sleeve that’s meant for budget conscious customers and is more geared towards emerging markets. Its the Lumia 550 and it happens to be a very affordable smartphone that’s powered by Windows 10 Mobile. This new handset will replace the Lumia 640 and 640XL as the company’s primary offering for emerging markets.

Given that this is a budget smartphone after all don’t expect powerful specifications, Lumia 550 has a 1.2GHz quadcore Snapdragon 210 processor. There’s a 5 inch HD display, 5 megapixel rear and 2 megapixel front cameras, 8GB onboard storage with microSD card support as well as a 1,905mAh battery.

Microsoft is going to initially release Lumia 550 across Europe this December, the handset is priced at $139.99 and it will be rolled out in more markets in the coming year.

There are a fair amount of software features included in this handset as well, it does run Windows 10 Mobile after all, which is the latest iteration of Microsoft’s operating system for smartphones.

Those who are looking for more oomph and more of a flagship experience, they’ll be better off with either the new Lumia 950 or Lumia 950XL, but then again, those handsets start at $549. You get what you pay for.

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