Tracsis named as preferred bidder for National Rail PAYG system

Transport technology provider Tracsis announced on Tuesday that its subsidiary iBlocks has been named the preferred bidder for the development of a pay-as-you-go (PAYG) tap converter system by the UK’s Rail Delivery Group, which represents National Rail operators.

The AIM-traded firm said the proposed system was being designed to deliver a seamless PAYG ticketing solution across the UK rail network, ensuring consumers could benefit from a 'best fare guarantee’ when using PAYG services.

While the status marked significant progress, Tracsis said negotiations remained non-exclusive, with any final contract contingent on the successful conclusion of negotiations and confirmation of government funding.

At 1352 GMT, shares in Tracsis were down 0.72% at 550p.

Reporting by Josh White for Sharecast.com.