Core Insights - MagTek has launched a new service enabling U.S. customers to accept contactless payments using only an iPhone and a supporting iOS app, eliminating the need for additional hardware [1][2] - The Tap to Pay on iPhone feature allows merchants to accept various forms of contactless payments, including credit and debit cards, Apple Pay, and other digital wallets [2][3] Company Overview - MagTek, founded in 1972, specializes in secure payment technology and security solutions, providing a range of products including card readers, secure cards, and transaction processing services [6] - The company emphasizes innovation and engineering excellence, with all operations based in the USA, including engineering, production, and sales [6] Technology and Security - The Tap to Pay on iPhone technology leverages the built-in security features of the iPhone to protect business and customer data, ensuring that card numbers and transaction information are not stored on the device or Apple servers [3][5] - Developers can integrate the MagTek iOS Virtual Reader SDK into their payment applications, which is available for free and compatible with iPhone XS or later running the latest iOS [3][4] Market Application - MagTek collaborates with developers across various industries, including restaurant, retail, hospitality, healthcare, transportation, OEM, and banking, to enhance payment application security and compliance [3][4]