Apple will release an upgraded version of their iPhone with limited storage in March. The iPhone 5 se, which stands for 'special edition', according to CBS News will come with 16 GB or 64 GB of storage.

The phone will be marketed to consumers who prefer smaller phones. The cost will not be competitive, according to International Business Times (IBS). The 16 GB model will cost $450 while customers can pay about $500 for more storage.

The iPhone 5se will have a 4-inch screen and include Apple Pay, an 8-megapixel rear camera, 1.2-megapixel front camera a barometer for tracking elevation and a curved glass display similar to the iPhone 6. It will also include Hey Siri and an A9 and M9 chip, IBS reports. It will be available in four colors: silver, space gray, gold and rose gold, CBS News reports.

It will officially be released in March while a new iPhone 7 is expected to be released later this year, according to Business Insider.