Always aspired to own an Apple iPhone but can't seem to save enough cash for that? Here's news for you. Apple is working on a smaller, cheaper iPhone, which will cost you only $200.
Bloomberg reported that the smaller version of iPhone would help them compete with Androids. Buzz is that Apple also is developing technology, which will make it easier to use the phone on multiple wireless networks.
It would also not require the standard two-year service contract.
Tentatively, it is being called iPhone nano because the prototype is one third smaller than Apple iPhone 4.
Apple is also working on a dual-mode phone, which would be enabled to work on both AT&T and Verizon networks.
The iPhone nano is expected to release by mid 2011.