Apple has revealed the price and innovative features of its low-cost 5G smartphone iPhone SE betting on the rapidly growing 5G mobile market.Apple iPhone SE, one of the budget 5G smartphones in the world, will be available in 64GB, 128GB, and 256GB models in RED starting at $429 in the US.

Customers in Australia, Canada, China, France, Germany, India, Japan, the UK, the US, and more than 30 other countries and regions will be able to pre-order iPhone SE beginning at 5 a.m. PST on Friday, March 11, with availability beginning Friday, March 18.

Customers can purchase iPhone SE for $17.87 a month before trade-in from apple.com/store, in the Apple Store app, and at Apple Store locations.

iPhone SE is also available through Apple Authorized Resellers and select carriers.

Mobile 5G services are forecast to generate $644.6 billion by 2026, equivalent to 64 percent of total mobile service revenue worldwide, GlobalData said.

“Apple’s newest 5G phone, the mid-range iPhone SE, will increase 5G adoption and help drive iPhones into emerging markets. The coverage of 5G networks in advanced markets has improved over the last year but the take up of 5G services is still quite low,” Anisha Bhatia, Senior Technology Analyst at GlobalData, said in a news statement.

The iPhone SE includes Apple’s premium A15 Bionic chip, which will provide a huge performance boost over the 2020 iPhone SE and iPhone 8 that the 5G SE is targeting. The phone also comes with improved durability and retains the SE’s popular compact Retina display.

Apple’s decision to stop sales in Russia will have minimal impact on the sales of 5G iPhone SE. Russia’s 5G networks are not expected to go live until 2023. Russia is not a major market for Apple, accounting for approximately 2 percent of Apple’s worldwide revenues. Apple also does not have any physical retail stores in the country.

At $429, the price for the base iPhone SE 5G is slightly more expensive than the 2020 iPhone SE as well as phones from rivals Samsung and Xiaomi. Apple has a huge installed base of legacy iPhone users still waiting to upgrade,” Anisha Bhatia said.