It has invited agencies from holding companies WPP Group, Omnicom, Publicis Groupe and Aegis, to pitch.
A company spokesman, said: "Visa has made a decision to evaluate global consolidation of media buying in order to more effectively manage advertising spend globally and to simplify agency relationships."
News of the review was originally broken by ±±¾©Èü³µpk10 in April.
OMD handles Visa's business in North America, which accounts for the vast bulk of Visa's global spend. It also handles the account in Asia, while Mediaedge:cia is responsible for the Visa Europe business, including the £5m UK account.
The review does not affect Visa's creative agency roster, which includes Wieden & Kennedy, BBDO and TBWA/Chiat Day.
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