Magnati is a regional provider in the payment solutions sector, specialising in direct acquiring, issuer processing, and acquiring processing. The company offers a payment platform to government, merchant, and institutional clients, leveraging advanced technology to upgrade user experiences and boost efficiency.
Tap to Pay on iPhone supports merchants in processing a wide range of contactless payments, including credit, debit, and prepaid cards, as well as Apple Pay and other digital wallets, all through the SwipeX iOS app. Through this, clients do not need to implement extra devices or payment terminals.
This feature provides a convenient checkout experience. Merchants need to ask customers to hold their contactless payment method close to the iPhone, and the transaction is securely processed using NFC technology. This solution guarantees the security of both the merchant's and customer's data by using the iPhone's integrated security features. Notably, Apple does not retain any card or transaction details on the device or its servers.
Representatives from Magnati stated that the launch of Tap to Pay on iPhone significantly improves the customer experience by facilitating contactless payments. In the UAE, contactless in-person transactions have become a standard practice, with more than 95% of payments made this way. By introducing Tap to Pay on the iPhone, it is providing businesses in the UAE with a simplified solution that boosts sales while offering customers upgrade options and convenience.
In November 2024, Magnati teamed up with Aafaq Islamic Finance, a digital finance provider, to introduce embedded financial solutions tailored for small and medium-sized enterprises (SMEs).This partnership aimed to simplify the loan application process by leveraging Magnati’s embedded financial solutions platform. The goal was to simplify access to Islamic financial services for small and medium-sized merchants.
The platform incorporated real-time POS transaction data into the lending process, facilitating a quicker loan application experience. SMEs were set to be able to use this for various needs, including business loans, insurance, and financing for POS systems, equipment, invoices, and receivables.
Through this collaboration, both companies aimed to increase access to Islamic financial services, empowering entrepreneurs to expand their businesses.
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