The rumor mill has churned out the latest on Apple: Apple will be releasing a new special edition phone based on one of its earlier iPhones, which is expected to be smaller and supports Apple Pay and for capturing Live Photos. In addition news that Apple will not be releasing an updated version of Apple Watch until after 2016.

AppleInsider has reported that Apple's upcoming release of a new iPhone in the coming month is actually a special edition of iPhone 5s and is expected to be named quite aptly as "iPhone 5se". It is heavily rumored that the new 5se would be 4-inch with an internal codename "N69"

The details like iPhone 5se having curved edges and support for Apple Pay released Friday were already reported last year. The only new additional information is that this special edition 4-inch 5se would have support for capturing Live Photos, hence giving it one up over the year old iPhone 6.

The 5se iPhone is expected to have many of the same features of iPhone 6: A8 processor; 8-magepixel camera ; NFC chip for Apple Pay; and 4-inch Retina display similar to that of iPhone 5s. The models are expected to be in three colours - silver, gold and rose gold.

The only feature not expected to be included is the pressure sensitive 3D Touch input.

The rumor mill, until the current date were referring to the anticipated special edition iPhone 5se as "iPhone 6c". The last iPhone released by Apple was iPhone 6S which was released last year.

The rumour mill probably referred to the anticipated device as iPhone 6c following naming convention Apple adopted for its iPhone 5c. However, that lineup used the letter "c" to refer to the array of colors available made possible because of the plastic backing Apple used.

But the iPhone 5se due to be released unlike iPhone 5c has a metal enclosure to give it a more luxury feel alongside iPhone 6s and iPhone 6 series. Since it's metal, the enclosures cannot come in an array of colours and hence the letter "c" cannot be used. And letter "se" chosen to stand for "special edition".

Forbes has noted that what Apple wants: sale of iPhones; turnover of iPhones; and high-margin products. In line with that focus, Apple is going to see a boost in interest and sales with the iPhone 5se - expected to be on sale in April 2016 after a March 2016 reveal. No matter how the iPhone 5se is going to be pitched it's not going to bring with it any significant new technology.

Meanwhile 9to5Mac the leading purveyor of Apple rumors has reported that according to sources the current 5s will likely be discontinued and the "5se" will take its price point. The new "5se" is currently in production overseas.

Apple is expected to hold a reveal of iPhone 5se in March 2016 and an early release in April 2016. The rumor mill fails in one respect in that the expected price of the 5se has not been reported.