No, the SMI differs from Visa's total payment volumes in two important ways. First, the index is based on the count of consumers spending more or less during a given period. Payment volume, in contrast, aggregates spending across those consumers and can be influenced by how many consumers are spending and how much they are purchasing.  Second, payment volume statistics are based on spending on all Visa-branded credentials, whereas the index relies on a sample of credentials and therefore does not reflect Visa financial or operational performance.