An anonymous reader writes: Apple has officially unveiled a smaller, cheaper iPhone designed to make a splash in the budget-friendly smartphone market. The new device, called the iPhone SE, looks nearly identical to the iPhone 5S but with a new rose gold color configuration. It's the internal specifications that differ significantly. The new iPhone SE will feature a NFC chip for Apple Pay, A9 processor and M9 motion co-processor, 12-megapixel camera sensor with the ability to capture 4K video, and a Touch ID fingerprint sensor. Unfortunately, it does not feature Apple's new 3D touch functionality. The iPhone SE will come in two models, 16GB and 64GB, priced at $399 and $499 respectively. You can buy the new iPhone starting March 31, and it will make its way to 100 countries by May.