Microsoft’s Devices chief Stephen Elop stepped on the stage today at Mobile World Congress to share the exciting development the company and its partners have made in the Windows Phone ecosystem. The Windows Phone maker also launched the affordable Lumia 640 smartphone at the event. Also Read - Microsoft releases new Windows 10 Technical Preview for 35 Lumia smartphones with an early version of Project Spartan

As for the specifications, the Lumia 640 sports a 5-inch display with 720p screen resolution. It is powered by a Snapdragon 400 processor, paired with 1GB RAM and 8GB of internal storage, with a microSD card slot. It has an 8.7-megapixel rear camera with a 0.9-megapixel front-facing snapper. Connectivity wise, the dual-SIM capable Lumia 640 comes with support for LTE and NFC connectivity options. Also Read - Microsoft to launch more LTE-capable smartphones in India

On the software front, the Lumia 640 runs on Windows Phone 8.1 but Elop ensures that it will receive the Windows 10 for phones upgrade soon enough. The handset also comes with several Lumia exclusive features and Microsoft Office productivity suite with one year free subscription. To entice the deal even further, Microsoft is also giving away 1TB of OneDrive storage space to all Lumia 640 smartphones. Also Read - Microsoft Lumia 640, Lumia 640XL: Hands-on and first impressions

As for pricing, the Lumia 640 3G variant will retail at 139 Euros (Rs 9,600 approximately), while the LTE variant will retail at 159 Euros (Rs 11,000 approximately).

At the sidelines, the company also previewed the Windows 10 for phones at the event. The company gave demonstrated the syncing feature across Windows 10 PC and Windows 10 for phones handset. The Windows Phone maker also announced Lumia XL smartphone. You can read all about it here.