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Railcards will be available to all Britons aged 26 to 30 by the end of this year, the industry has announced.

The roll-out comes seven months after a trial of 10,000 discount "millennial railcards" sold out within hours, despite the website crashing under high demand.

An estimated 4.5 million people could benefit from the 26-30 Railcard, which costs £30 a year and allows rail users to save a third off most train fares.

It is an extension to the popular 16-25 Railcard, and industry bodies predict that cardholders will save an average of £125 a year.

The decision to provide discounts to the age group was made after an assessment of how it would impact revenue and passenger numbers.

There will be no discounts on season tickets and a minimum fare of £12 for all journeys between 4.30am and 10am, excluding weekends and public holidays.

The card must be downloaded onto a smartphone and is aimed at leisure travellers rather than commuters.

At the moment there is no nationwide railcard available for people travelling alone between the ages of 26 and 59, unless they are disabled or in the armed forces.

When the initiative was piloted in March, it was on a first-come, first-served basis.

Jacqueline Starr, from the Rail Delivery Group, said: "More young people can explore Britain for less using our trains and benefit from saving a third on rail travel, making it cheaper to get out and enjoy the seaside or visit family and friends."

Rail fares will be increased across Britain from January.

Andy McDonald MP, Labour's shadow transport secretary, complained the railcard "doesn't go nearly far enough".

He said: "It won't benefit the large majority of passengers, whose fares have soared above wages since 2010.

"And it won't compensate the millions of passengers who have suffered as a result of the timetabling chaos."