Earlier this year, Microsoft announced it would be retiring its Microsoft Point system for purchasing games and other virtual items on the Xbox One when it launches in favor of using real money from a user's local currency. Today, there's an update on the Microsoft Points shutdown which concerns current Xbox 360 owners.
In a post on Xbox Wire, Microsoft Xbox exec Marc Whitten confirmed that the transition from Microsoft Points to real money will happen with the next Xbox 360 software update. While a specific date for that update to go live was not mentioned, he did say that when it is complete, Xbox 360 owners who buy something digital or redeem a Microsoft Points code or card , they will find that Microsoft will " ... 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."
A beta for the next update went live for a few Xbox 360 owners earlier this summer, but some of them said that the conversion from Microsoft Points to real money left them with game prices that had increased compared to their Microsoft Points level. Microsoft later said those higher prices were made in error due to bugs that were still being worked out in the beta code.
In today's statement, Whitten said that the company will continue to accept Microsoft Points gift cards and codes for the Xbox 360 "until further notice" and will convert them into the appropriate local currency when entered into an Xbox Live account; Xbox gift cards will be released later with real money amounts in stores and online.
Finally, Whitten said that any Microsoft Points earned by people as part of their now shut down Xbox Live Rewards program will remain in their account and will also be converted to real money with the Xbox 360 update. A new rewards program will be announced on September 1st.
More info on the Microsoft Points-to-real world money transiton can be found at the Xbox.com website, including the specific list of countries that will be affected.
Source: Xbox Wire | Image via Microsoft