After Microsoft announced its most affordable Windows Phone yet, the Lumia 430 (which features a price tag of $70), rising Chinese tech firm Xiaomi is attempting to connect more users to smartphones with its budget offering that is expected to carry a price tag of $64. Previously, the company's Redmi 2 was considered to cater to entry level markets since it features a retail price tag of $110. However, according to the information present on PhoneArena, the upcoming handset is going to be the cheapest Android smartphone solution that the firm has released so far.

While the website could not get a model name of the device, it has stated that the smartphone will possess a 4.7 inch display that will be exuding a resolution of 1280 by 720 pixels. Additionally, the handset will feature 1 GB of RAM coupled with 8 GB of internal memory. The leak does not specify whether or not the budget smartphone will feature a microSD slot option but considering the negligible amount of on-board storage present in the device, Xiaomi is expected to give additional flexibility to consumers.

Unlike the Redmi 2, the device will be shipped out carrying the LC1860C SoC. The chipset belongs to a semiconductor manufacturing company called Leadcore Technology. Leadcore Technology might be unheard of in other regions, but it happens to be one of the largest chipset manufacturing firms in China. The website has reported that the alleged price tag of the device is CNY399 price, which translates in to a price tag of $64. If the leak turns out to be true, then the unnamed device will provide a far better cost-effective solution compared to what the Redmi 2 brought to the table.

Since the official release date of the handset remains in the dark, additional information will be published as soon it is made available.