US chip giant Qualcomm Inc has unveiled a new 5G chipset, Snapdragon 690, to bring superfast wireless technology to budget smartphones.

The move is expected to help lower prices of 5G smartphones and quicken the popularity of consumer-oriented 5G applications.

Cristiano Amon, president of Qualcomm, said, "With over 375 5G designs launched or in development to date using Qualcomm Technologies' 5G solutions, we are driving the proliferation of 5G across multiple tiers to make the next generation of cameras, artificial intelligence and gaming experiences more broadly available."

"Driving the expansion of 5G into the Snapdragon 6-series has the potential to make 5G accessible to more than 2 billion smartphone users around the world," Amon said.

Smartphone makers including HMD Global, LG Electronics, Motorola and TCL, are expected to announce handsets powered by Snapdragon 690 in the near future.