The social payments company iZettle has launched in Brazil as part of its global partnership with Banco Santander. Small businesses will be able to order a chip-and-signature card reader and accept card payments with Apple and Android smartphones.

New shopping malls and a young population with sophisticated shopping tastes are helping make Brazil one of the world's most profitable luxury markets. But the recent economic downturn means optimism is ebbing. Does a gloomy economic outlook spell the end of Brazil’s luxury bonanza?

Brazil’s growing middle class has been on a decade-long spending spree with borrowed money. Between 2004 and 2014, consumer-held credit rose by 658%. But with interest rates on credit cards spiralling, shoppers are turning to a traditional source of extra cash – pawn shops.

Brazilians have a long-running love affair with malls. There are currently 503 shopping centres across the nation, earning a total revenue of R$129 billion in 2013. Can an e-commerce platform that promises to be a virtual mall entice Brazilians to spend online?