The prize money for the 2023 Women's World Cup will be $226 million, 10 times what it was in 2015 and three times the amount of 2019.
FIFA president Gianni Infantino announced the $US150 million prize in his closing remarks to the 73rd FIFA Congress on Thursday.
The figure, however, was still considerably lower than the $US440 million ($663 million) total prize money awarded at the men's World Cup in Qatar last year.
"For the first time ever, I [plan to] dedicate a specific portion of this payment, which mainly has to go to football development, but a specific portion of that should go of course to the players," Mr Infantino said, in announcing step two of a three-step plan.
Step one, he said, would be equal conditions and services, such as accommodation and flights, for all men and women playing at a World Cup.
"This will be a reality already for the Cup in 2023, same conditions as for the World Cup '22 will be for the players and coaching staff in the Women's World Cup in '23," he said.
The women's teams will have dedicated base camps at the World Cup, which opens on July 20 in New Zealand and Australia.
Step three, according to Mr Infantino, would be the most complicated, and would include a dedicated marketing strategy for the women's game.
"Our mission will be able to have equality in payments for 2026 men's and 2027 women's World Cups," he said.
Global soccer players' union FIFPRO applauded Thursday's announcement, saying it showed the intent of players and FIFA to work together.
"Through the voice and solidarity of players around the world over months and years of campaigning, significant progress has been made in the conditions, prize money, and prize money redistribution for the 2023 FIFA Women's World Cup," it said in a statement.
In October, 150 players wrote to FIFA seeking equal Women's World Cup conditions.
Reuters