Yeah.. That is not easy as the "Description" and "URL" are kept in separate columns in SharePoint content database... So you cannot use CAML query and the actions office 365 update items action, when you choose the field type "URL" doesn't provide you separate fields for link and description:
I thought that maybe the idea posted here: how to set a hyperlink field would work, but without a success.
Other actions, like update list item or "set field in current item" doesn't provide the interface either 
But hey, there is the REST API to the rescue! 
You can achieve it using the REST API in fact. The web request action should be configured that way (assuming you are working in the current site, on the current item):
- URL
{Workflow Context:Current site URL}/_api/web/lists/GetByTitle('{Workflow Context:List Name}')/items({Current Item:ID})
- Method
POST
- Headers
Content Type: application/json;odata=verbose
Accept: application/json;odata=verbose
X-RequestDigest: {REQUEST DIGEST VALUE - how to obtain, read here: How to execute a SP2013 REST API request with Nintex Workflow, or if for some reason this solution doesn't work, read my post: Working with security credentials (RequestDigest, FedAuth, rtFa)}
- Body
Content ({Workflow Context:List Name} is a variable, and 'Hyperlink' is the internal name of the URL column, btw
)
{
'__metadata':{
'type':'SP.Data.{Workflow Context:List Name}ListItem'
},
'Hyperlink':{
'__metadata':{
'type':'SP.FieldUrlValue'
},
'Description':'Nintex',
'Url':'http://nintex.com'
}
}
There is one trick with the Body. There is a bug in Nintex, that prevents you from pasting JSON string directly. But there is a workaround. I do it that way: first I replace all braces ({ and }) with square brackets ([ and ]). Then such string I put in the regular expression action and I configure it to replace all opening, square brackets with braces:

Then the output I again put in regular expression action to replace all closing square brackets with braces.

In the end, the actual "Body" of the request is this variable.


And that's it 
Regards,
Tomasz