(Pocket-lint) - A lower-cost Nokia 5G phone is on the way, powered by a MediaTek Dimensity chipset. 

It may be known as the Nokia 7.3 according to rumours that also suggest the company behind Nokia phones - HMD Global - has produced two different versions of the same handset, one with and one without 5G.

The rumours - reported by NokiaPowerUser - also suggest that the phone will be launched early next year rather than later this year to coincide with the expected explosion of 5G handsets in 2021.

After all, we're expecting the first 5G iPhone to debut late this year which should also provide a boost. 

MediaTek isn't as well-known as some other chipset vendors, but the company powers a lot of low-end and mid-range handsets and the company was the first to fully integrate a 5G modem a year ago

Nokia launched its first 5G smartphone earlier in the year, based on Qualcomm's Snapdragon 735G chipset. It hasn't yet to come to market, although it must be said that the it's still very early days for the 5G market. Integrating a MediaTek chipset would certainly help Nokia target a lower price point. 

The first 5G networks in the US and UK are just over a year old, but the areas covered remain patchy despite further rollout taking place. Expect to see a lot more ramp-up of networks over the second half of 2020. 

Writing by Dan Grabham.