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Existing Microsoft Points will exchange to “equal or greater Marketplace value” - n3rdabl3One of the best announcements that came out of Microsoft E3 press event was that the Microsoft Points system will be no more. What does this mean for those of us who have points on our account? They’ll be exchanged to our local currency at equal or greater value according to Microsoft.

In a statement to Joystiq a Microsoft rep said:

“When the transition takes place, the balance of Microsoft Points in an account will be retired and the customer will be given an amount in local currency that is equal or greater in Marketplace value,” they continued “That value will be stored in your account and can be used similar to Microsoft Points to make purchases in the Xbox Live Marketplace.”

Currently a date hasn’t been set for the currency exchange, we’re thinking that it’ll be around the time of the Xbox One launch sometime at the end of the year. There’s no word on what will happen to existing MS Point vouchers, presumably they’ll also exchange to the equivalent value when the codes are entered.

What are your thoughts on Microsoft scrapping MS Points? Leave a comment below.

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