By Martin Baccardax Apple unveiled its new “Tap to Pay on iPhone” system Wednesday in a move many see as a significant challenge to the payments system from Square. Apple (AAPL) – Get Apple Inc. Report shares bumped higher Tuesday after the tech giant unveiled its ‘Square Killer’ payments system that allows users to make contactless purchases on their iPhones. Apple said the new service, which it dubs “Tap to Pay on iPhone”, will allow users to “seamlessly and securely” make purchases using Apple Pay, or other contactless payment methods, imbedded in its signature smartphone or AppleWatch. Sho…