Rumors about a Pepsi-branded smartphone have begun fizzing over the Internet in October. Now, those rumors have just solidified into actual fact as Pepsi officially announced the new Pepsi Phone P1.

The soda maker has licensed its brand to Shenzhen Scooby Communication Equipment Co. Ltd. to develop the very first smartphone sporting the iconic Pepsi logo. From the looks of the specs, the Pepsi Phone P1 is all set to deliver a decent midrange experience with a 1.7 GHz octa-core MediaTek processor, 2 GB of RAM and a 3,000 mAh battery that is expected to last the entire day.

The display is a decent 5.5 inches with a Full HD resolution and a curved glass display. At the back is a 13-megapixel camera paired with a 5-megapixel front shooter. There is also a fingerprint scanner, so users can probably expect decent security and perhaps support for Android Pay. The phone is equipped with 4G LTE capability for high-speed Internet use and runs on dido OS 6.1, an operating system based on Android Lollipop. Internal memory is 16 GB, but there's a microSD slot for expansion that can also double as a second SIM slot for dual SIM. The phone comes in three color options: blue, silver and gold, and includes a phone cover, charger and USB cable out of the box.

All in all, it appears to be a decent smartphone with a couple of high-end bells and whistles, but it won't be a flagship killer anytime soon. Considering the price the phone will be selling for, however, the Pepsi Phone P1 could actually be phenomenal. On its page on Chinese crowdfunding website JD Finance, Pepsi is selling the phone at an early bird price of 499 yuan, or approximately $78. The option is now sold out, however, so the next lowest price is 699 yuan, or around $110. Once that sells out, backers will have to pay 999 yuan, or around $156 to get the phone, and then 1299 yuan, or $203, which is still a very convenient price for most users.

Unfortunately, for Pepsi lovers in the US and elsewhere, it looks like the Pepsi Phone P1 will be a China exclusive for the time being. The standard version will be the Phone P1, but variants sold through China Unicom will be called the Phone P1s.  

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