Geneva (Switzerland), Jun 9 (IANS): FIFA on Friday announced its new member association distribution model for the FIFA Women's World Cup 2023 in Australia and New Zealand, with at least 30,000 U.S. dollars to be distributed to each player for participating in the tournament.

According to the financial allocation, each player will receive 30,000 U.S. dollars for the group stage, while the champions will have 270,000 U.S. dollars for each player, with the prize money each player gets between round of 16 and runners-up varying from 60,000 to 195,000 U.S. dollars.

FIFA said the initiative marks another concrete step to develop women's football and ensure players receive a fair deal, a commitment that FIFA hopes sets a standard across the industry, Xinhua reported.

"Under this unprecedented new distribution model, each individual player at the FIFA Women's World Cup 2023 can now fully rely on remuneration for their efforts as they progress through the tournament," said FIFA president Gianni Infantino.

Each participating member association will get at least 1.56 million U.S. dollars, and the winners will be distributed 4.29 million U.S. dollars.

According to FIFA, its total investment in the FIFA Women's World Cup 2023 is budgeted to exceed 500 million U.S. dollars.