Apple unveils the iPhone 5C, a cheaper iPhone available in 5 colors

The emerging markets have so far not been able to push the iPhone, but this is all set to change thanks to Apple's announcement today of the iPhone 5C smartphone. The iPhone 5C is a plastic-built smartphone, which takes a walk down the same lane as the Galaxy range of smartphones from Samsung. Apple says "it's made with all the incredible technology of the iPhone 5, more fun, more colorful."

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The iPhone 5C arrives in five colors - green, white, blue, pink and yellow. The entire back of the iPhone 5C is made from a single part, as you can see in the shot above. The iPhone 5C features the same 4-inch Retina display, the same A6 processor that is found in the iPhone 5 and "console-level graphics."

On the back, we have an 8-megapixel iSight camera with backside illumination, and on the front we have a new FaceTime HD camera. We have the iPhone 5C supporting more LTE bands with "up to 100 Mbps download" and Wi-Fi 802.11 a/b/g/n support. On a two-year contract the new iPhone 5C will cost you $99 for the 16GB model and $199 for the 32GB model.

The iPhone 5C may be the cheaper iPhone but that doesn't mean Apple made it from sticks and stones. There are multiple finishing processes at play, which include a lacquer hard coat.

The company is also pushing the new plastic cases available for the iPhone 5C, which have circular cut-outs on the back that let you see the color of the iPhone 5C underneath. Nice, but nothing magical or revolutionary here, folks. These cases are being available for $29.