Burger King is getting ready to make a big move into chip technology.
The company is buying chip developer, chipmaker and chipmaker cofounder Alectronix, which has been working on a chip-based payment app called Cash.
The transaction is expected to close in the second half of the year.
Burger King, which operates in more than 200 countries, is also planning to introduce a new Android wallet in the coming months.
Burger Kings $1 billion acquisition deal: Chip, chipmakers and cofounder, Alectronsix.
Chip is a chip technology company that makes chips for credit card processing and other consumer use.
The chip technology has become a key selling point in the burgeoning chip-enabled payments industry, which was worth $1 trillion in 2013, according to a report from Bloomberg.
Burger king has been experimenting with chip-related payment solutions in the past, but the cash app, which lets customers swipe their card at checkout, is the first to hit the market.
Burgerking CEO Andy Puzder said in a statement the transaction was an example of Burger King’s commitment to “building a smarter, faster, and more connected world.”
Chip chips are small, low-power processors that are often used in low-cost, wireless devices.
Alectronics was founded in 2002 and its chips are used in mobile phones and other chips.
The chips are also found in the smart TVs, smartwatches, and personal computers.
BurgerKing’s cash app is designed to help users make and receive transactions, but it is not intended to replace a card, which requires a swipe of a finger or a swipe on the screen.