Samsung plans to unveil on Wednesday what it claims to be world's first phone with a 5Mp camera, a company spokeswoman said.

Samsung, in Seoul, will announce the phone at a press conference scheduled to be held Wednesday morning in Seoul, said Sonia Kim, a spokeswoman for the company.

Kim declined to provide detailed specifications of the phone and its features ahead of the official announcement, but said it closely resembles a digital camera and will offer a range of functions, including video recording and playback, an MP3 player and a mobile banking capability.

Based on that description, the phone is likely to resemble Samsung's SPH-S2300 camera phone, announced by the company in July. That phone looks more like a digital camera and has a 3x optical Pentax zoom lens and a 3.2Mp sensor.

Mobile phones with built-in cameras have quickly closed the gap with standalone digital cameras in terms of resolution, although overall picture quality continues to lag. The first phones with megapixel cameras were announced in April 2003, and 2Mp models began to appear in October 2003.

More recently, Japan's KDDI announced in May that it would offer a phone with a 3Mp camera manufactured by Casio.