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(Sharecast News) - 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.
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