In keeping in line with the budget 500 series, the new Lumia 550 is a direct upgrade on the Lumia 530 and Lumia 520 that came before it. However this year Microsoft decided to ramp things up a notch and baptised it with a 4.7 inch screen a la the Lumia 535.
In what is seen as a direct assault on the budget centric Motorola G series, the Lumia 550 launches at an attractive entry price package of around $140.
Inside it hums along on an Octa-core 1.1 GHz Cortex-A7 processor and 1GB of RAM. Imaging wise you get a 5 MP primary camera as well as a 2 MP "selfie" camera and 8 GB of storage to go with it. There is also a microSD slot because these days 8 GB barely scratches the surface.
All this is wrapped up in a nice new fresh coat of Windows 10 so expect added functionality and a few software tweaks.