Apple unveils the new 4-inch iPhone SE

The new iPhone SE is powered by an A9 processor — just like the iPhone 6S and 6S Plus that Apple introduced in September. The powerful internals represent a major leap forward compared to the aging iPhone 5S, as now the company's smaller-sized handset is essentially on equal footing with the larger iPhones. 9to5Mac has for weeks been reporting that this would be the case; as expected, the iPhone SE also features an M9 chip for motion tracking and to allow users to say "Hey Siri" to activate Apple's personal assistant.

iPhone SE announced: iPhone 6S specs, iPhone 5S size, $399 price

Another huge similarity between iPhone SE and the iPhone 6S is the camera; both contain the same 12-megapixel sensor that's capable of recording 4K video and shooting Live Photos. There are differences between the products elsewhere, however. The new 4-inch iPhone doesn't have a pressure-sensitive display or 3D Touch like Apple's bigger phones. But the iPhone SE does support Apple Pay, which can be used to make tap-to-pay purchases at retail stores and also in-app purchases.

Though the iPhone SE looks like the iPhone 5S, its internals have been completely overhauled to keep up with modern-day performance. The iPhone SE will cost $399 for a 16GB and $499 for a 64GB model. You'll also be able to buy it for $17/month. It'll be available in over 110 countries by the end of May.