Of course! The background color of the magnifier always matches the property of the backgroundColortext field. (But not a property background.) Example:
textField.textColor = [UIColor whiteColor];
textField.backgroundColor = [UIColor blackColor];
If your text field absolutely needs a transparent background, you will have to fake it - using a background image containing graphics under the text field. You can do this manually - by taking a screenshot of your interface and cropping it or programmatically, for example:
#import <QuartzCore/CALayer.h>
...
UIGraphicsBeginImageContext(textField.bounds.size);
CGContextRef context = UIGraphicsGetCurrentContext();
CGPoint origin = [textField convertPoint:textField.bounds.origin toView:view];
CGContextTranslateCTM(context, -origin.x, -origin.y);
[view.layer renderInContext:context];
UIImage *image = UIGraphicsGetImageFromCurrentImageContext();
UIGraphicsEndImageContext();
textField.background = image;
, , .