Microsoft had previously announced that they will be getting rid of Microsoft Points for the Xbox One and Xbox 360 in favor of real world currency. The switch to local currency will be standard for the Xbox One, and now Marc Whitten, Chief Product Officer for Microsoft has announced through the Xbox Wire that the next Xbox 360 update will finally get rid of Microsoft points on the console once and for all:
"This change was a direct result of customer feedback. You told us you want to be able to buy things using money instead of points, and we listened. Our goal is to make this transition as easy as possible for you. After the next Xbox 360 system update, when you go to buy something or redeem a Microsoft Points card or code on your console with your Microsoft account, we'll add to your account an amount of currency equal to or greater than the Xbox Marketplace value of your Microsoft Points, which will be retired," Whitten said.
In addition, Whitten also explained that with the switch, users will be able to purchase content directly using various forms of payment, without having to buy blocks of currency. New Xbox Gift Cards will become available to reflect the change in currency:
"You will see item prices expressed in local currency; no need to calculate what an item costs! You will still be able to directly purchase content from Xbox stores using any current form of payment available in your region, including credit cards. And with a rollout starting in late 2013, you'll also be able to buy new Xbox Gift Cards (denominated in your local currency) through our online retailers and in local retail stores. These gift cards can be added to your Microsoft account online and are another easy-to-use payment option for customers."
As for anyone who has leftover Microsoft Points, Microsoft will continue to accept them for now, while leftover points in a user's account and any earned through Xbox Live Rewards will get transferred into local currency.
"We'll continue to accept purchased Microsoft Points Cards and codes until further notice, and we'll add to your account an amount of local currency equal to or greater than the Marketplace value of those points. In addition, we know you've worked hard on your Microsoft Points earned through Xbox Live Rewards. These will remain in your Xbox Live account and transition to local currency with the rest of your Microsoft Points."
Microsoft did not specify when this update would roll out, or what other changes will come with this update.
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