Microsoft has already released the Lumia 550, a full-fledged Windows 10 phone that won't hurt budgets at a mere $139. It's already available in Europe.

PC Magazine reports that the Lumia 550 is designed for those who are looking for a feature-packed smartphone on a small budget. The phone is equipped with 4G LTE capabilities, has a 4.7-inch 1,280 x 720 pixel touch display, and a 2100mAh removable battery.

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Despite its low price, the smartphone is powered by the latest Qualcomm Snapdragon quad-core processor and backed by 1GB of RAM. It only has 8GB of internal storage, but this can be expanded up to 200GB via the use of a microSD card. It also comes with free OneDrive cloud storage.

The Lumia 550 has a 5-megapixel camera with LED flash mounted on the back, and a 2-megapixel camera in front.

Microsoft has designed the phone to work like a normal Windows 10 device, complete with Office apps optimized for mobile use. Microsoft Word, Excel and PowerPoint function perfectly on the Lumia 550, giving users an edge to work on the go.

Cnet reports that the Lumia 550 is Microsoft's third Windows 10 phone, following its pricier siblings Lumia 950 and Lumia 950 XL.

Although the three phones all share Windows 10 features, the Lumia 550 doesn't have Continuum and Windows Hello functions.

Continuum allows users to seamlessly transfer work data from device to device, enabling continued work anywhere as a desktop PC replacement.

Windows Hello uses biometric recognition. As the Lumia 550 doesn't have this, users will not be able to unlock the phone using their face or a fingerprint.

PCWorld reports that the back panel of the phone is said to be interchangeable, but so far only black and white color options have been revealed.

Although the phone won't be as powerful as its high-end siblings or other flagship smartphones from other companies, it comes way cheaper than any of them, and will possibly run faster than any other cheap Android phone.

TagsMicrosoft Lumia 550, Microsoft Lumia 950 XL, Microsoft Lumia 950, Continuum, Windows Hello