Broadcom is making a move into mobile payments with a line of Near Field Communication chips for less expensive smartphones and wearable devices.

The new chips reduce power consumption by 60% and cut antenna size in half compared to conventional NFC hardware, the Irvine, Calif.-based chip maker states in a Feb. 24 press release. The chips are meant for manufacturers of less expensive mobile devices.

"With mobile payments gaining momentum and consumers using their devices more frequently to tap and share information, there is an increased demand for a premium NFC experience on affordable smartphones," Dino Bekis, Broadcom's vice president of marketing for wireless connectivity, states in the press release.

Broadcom predicts the new NFC chips can reduce cost to customers by 35%, Bekis says. The chips are compatible with Broadcom's platform for wireless Internet connectivity for embedded devices.

Broadcom is currently testing the chips with some of its customers.

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