APPLE Inc has reportedly been preparing budget-friendly iPhones for the masses in an effort to address a wider swathe of the global smartphone market.

The new product is said to share similarities in design to the iPhone 8 released in 2017, sporting a 4.7-inch screen, a home button, a single-lens camera and Touch ID.

“It will not have Apple’s Face ID biometric authentication, but will feature the same processor as Apple’s current flagship device, the iPhone 11.