Yesterday at Microsoft's pre-E36 press conference the company announced the end to the Microsoft Points system of payment for the console confirming that points will be substituted for local currencies.
Xbox owners will be able to register existing Microsoft Point codes "through 2014 and for a limited time thereafter" it was revealed in an FAQ released by the company.
In Autumn of this year Microsoft will convert your existing points into standard currencies but what conversion they will use is not yet clear. 800 Microsoft points is worth roughly $10.
"To make this a seamless and positive experience for our customers, we have considered many factors to ensure that the amount depositied in your Microsoft account will be of equal or greater marketplace value than your Microsoft Points," they clarified.
It's also unclear what will happen to the Xbox Live Rewards service after the changeover occurs but pending posts will be tranferred into local currencies.
Users will continue to be able to pay for items using debit and credit cards however any currency in your account must be used in the region in which it was added to avoid exploitation of currency exchange fluctuations.
Xbox Gift Cards will be launched later this year and can be used to purchase content from any of the company's digital stores including apps, music and games.
