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Samsung has apparently added 16 new banks and credit unions under the ambit of Samsung Pay. Reuters/Beawiharta

Buyers will be able to order the upcoming Samsung Galaxy S5 Neo soon, and a new report has confirmed the price and specifications of the device. The handset will reportedly set buyers back by approximate US$490, and the release date of the Galaxy S5 Neo is set for July 3, according to Phone Arena.

The handset will come with a 5.1-inch Super AMOLED display, aided by 1,080 x 1,920-pixel screen resolution. The device will be powered by Samsung’s own Exynos 7580 SoC. It is worth noting that this chipset comes with an octa-core processor, bundled with eight Cortex A-53 cores, running at a maximum clock speed of 1.6 GHz. The graphics side of the phone will be handled by a Mali-T720 GPU.

The mid-range Samsung Galaxy S5 Neo is not as powerful as the 2014 flagship Galaxy S5. The housed processor unit cannot beat the octa-core (Samsung Exynos 5422) processor or the quad-core (Qualcomm Snapdragon 801) SoC, notes Phone Arena.

But the Samsung Galaxy S5 Neo will be backed by 2 GB of RAM. The smartphone will also come equipped with 16 GB of internal storage capacity and a microSD card slot for further expansion. The handset will run on Android 5.1 Lollipop OS straight out of the box. Furthermore, the smartphone will house a modest 2,800 mAh battery unit.

According to Winfuture, the handset will sport a 5-megapixel forward-facing camera. In addition, there will also be a 16-megapixel standard camera unit. The perforated back design and the dimensions of the Samsung Galaxy S5 will be retained in the Neo as well. Samsung has not yet confirmed the Galaxy S5 Neo specifications.