When Microsoft announced its new Windows 10 platform, the company said that the new operating system is an all-encompassing environment and that users will be able to use Windows 10 with almost the same features on both desktop and mobile devices.

However, the mobile version of Windows 10 was initially available only to two new Lumia phones, which were advertised as premium flagships and priced accordingly.

The Redmond-based tech giant hopes to corner a segment of the budget-conscious market more and announced a budget-friendly Lumia running Windows 10.

In the announcement post on the official Windows blog, the new Lumia 550 is listed as Microsoft's most-affordable smartphone with Windows 10. Compared to the price tags of the Lumia 950 and 950 XL, the $139 suggested retail price for select locations tagged for the Lumia 550 is more budget-friendly.

However, it doesn't mean that the Lumia 550's tech specs have been sacrificed. On the specs sheet, the new Lumia carries a decent Snapdragon 210, 1.1 GHz processor with 1 GB of RAM. Meanwhile, it also features a 4.7-inch HD display, integrated with the Glance Screen function. In addition, connectivity with the Lumia 550 also has not suffered, as the unit employs 4G LTE speeds, anticipating the Microsoft Edge browser of the new platform.

Carrying Windows 10 Mobile, the new Lumia 550 lets users access Microsoft signature apps on the go, and also has the built-in Cortana digital assistant.

However, some key features which were selling points of the new OS are missing. Since the Lumia is a budget-friendly smartphone, there is no 3D camera installed, so the Windows Hello function (adding biometric security to data and device) is absent. Also, the Continuum feature is non-existent; users who use Microsoft apps on the Lumia like Word and Excel would have to save it first on OneDrive to access it on a Windows 10 computer.