Visa Looks to Revive NUE Framework and Enhance UPI Interoperability in India.

Visa is in talks with Indian stakeholders to revive the New Umbrella Entity (NUE) framework and alternative settlement systems to build interoperability with the Unified Payments Interface (UPI) and speed up transaction settlements. The company is also rolling out FlexiCredential, a tokenized digital credential that allows consumers to use a single 16-digit number across debit, credit, and installment payments. Visa is exploring biometrics, passkeys, and one-click checkouts to remove friction and protect consumers.

In a significant move towards digital transformation, Visa is in talks with Indian stakeholders to revive the New Umbrella Entity (NUE) framework and explore alternative settlement systems to build interoperability with the Unified Payments Interface (UPI) [2]. This initiative aims to speed up transaction settlements and enhance the overall digital payment ecosystem.

In parallel, Visa is rolling out FlexiCredential, a tokenized digital credential that allows consumers to use a single 16-digit number across various payment types, including debit, credit, and installment payments. This innovation is part of Visa’s broader strategy to streamline payment processes and enhance user experience [2].

State Street, a global custody bank with $49 trillion in assets under management, has also made significant strides in the digital asset space. The company has joined JPMorgan’s blockchain platform as the first third-party custodian for tokenized assets. This move is part of State Street’s broader digital strategy to manage digital wallets on-chain and lay the groundwork for interoperability across blockchain networks [1].

State Street recently anchored a $100 million tokenized commercial paper transaction issued by Oversea-Chinese Banking Corporation (OCBC), a Singapore-based banking group. This transaction underscores the growing interest in tokenizing financial instruments and real-world assets (RWAs) on blockchain rails. The process promises operational benefits such as increased efficiency, faster and around-the-clock settlements, and lower administrative costs [1].

Visa’s Click to Pay service is also expanding in the Asia Pacific region through new partnerships with major payment enablers and issuers. These partnerships aim to deliver a simplified, secure, and seamless e-commerce experience for consumers and merchants across the region. Click to Pay enables customers to access their saved, tokenized payment details via email or mobile number, removing the need to manually enter card information and reducing checkout friction [2].

By leveraging these digital innovations, both Visa and State Street are positioning themselves at the forefront of the digital transformation in the financial services industry. The integration of tokenization, biometric authentication, and one-click checkouts is expected to enhance consumer experience and drive the growth of digital payments globally.

References:
[1] https://www.coindesk.com/business/2025/08/21/state-street-expands-custody-to-tokenized-debt-on-jpmorgan-s-blockchain-platform
[2] https://payspacemagazine.com/news/visa-scales-click-to-pay-in-asia-pacific-with-major-payment-partners/