Apple may be on the verge of something bigger than the iPhone!
Well, maybe not bigger, but definitely cheaper.
According to the DigiTimes, Apple will be releasing a cheaper iPhone during the second half of 2013, aimed primarily at the emerging markets. This means that the US may not even see the less expensive iPhone until much later.
Like the iPad mini, Apple would be using the cheaper iPhone to reach customers who once thought the iPhone would be out of their price range, however because of the Android's commanding share of the global market, this is a necessary evil.
We know what you're thinking - Apple will just re-release an older iPhone and slap a smaller price on it, however DigiTimes claims the cheap iPhone will have a larger screen, following the trend pioneered by Samsung and other Android makers.
For now, assuming that the new inexpensive iPhone may be directed at the prepaid mobile phone market is a good guess, however only time will truly tell. Until then, make sure that you prepare to continue paying the normal iPhone price of $199 - $399 (with contract).