Going Going Gone Microsoft Points will be a thing of the past.
Well Microsoft has finally elaborated on there switch from Microsoft Points and Xbox Live Rewards to local currency, what do you think ?, is this a good thing ?, how will it effect you ?, will points lose value during conversion to real currency ? or are you not sure what it all means for you?
Let us know your thoughts in the comments below.
Below is a direct quote from xbox.com:
What is changing?
We are excited to announce that, as part of the next Xbox 360 system update, Microsoft Points will be retired, and transactions on Xbox will take place using your local currency instead of Microsoft Points. The monetary value in your Microsoft account will be stored in local currency, offering you a new, convenient way to purchase exciting Xbox content. This change allows you to use a single Microsoft account to purchase games, movies, apps and entertainment from your favorite Xbox stores – or the Windows Phone Store for users with a Windows Phone 8!
How does this change affect me?
You will begin using local currency or an Xbox Gift Card (denominated in your local currency), in addition to other current payment methods available in your region, to buy games, videos and more from your favourite Xbox stores. When you initiate a purchase or redeem a Points card or code with your Microsoft account after the next Xbox 360 system update, we’ll add to your account an amount of currency equal to or greater than the Marketplace value of your Microsoft Points, and your Microsoft Points will be retired. The currency we add to your account at the time of the transition will expire on 1 June 2015. However, the currency you purchase and add to your account after the transition will not expire.
Is there anything I need to do?
As long as your Microsoft account location is set to one of the following countries or regions (see the next question, below) and you have a billing address on file in your account, you simply need to initiate a purchase or redeem a Microsoft Points card or code with your Microsoft account to begin your account transition. For information about moving your account location, see Moving? Bring Xbox Live with you!Which regions are affected by this change?
Microsoft Points will be retired in all regions. Content previously available for purchase with Microsoft Points will soon be available for purchase with currency in the following places:
Argentina France Mexico Spain Australia Germany Netherlands Sweden Austria Greece New Zealand Switzerland Belgium Hong Kong SAR Norway Taiwan Brazil Hungary Poland Turkey Canada India Portugal United Arab Emirates Chile Ireland Russia United Kingdom Colombia Israel Saudi Arabia United States Czech Republic Italy Singapore Denmark Japan Slovakia Finland Korea South Africa How did Microsoft determine the amount of currency added to my Microsoft account?
To make this a seamless and positive experience for our customers, we have considered many factors to help ensure that the amount added to your Microsoft account will be of equal or greater Marketplace value than your Microsoft Points. Marketplace value may not always be equivalent to retail price. Retail price is determined by the Retailer, whereas Marketplace value reflects the value of Points throughout Microsoft stores.
What will happen to my Xbox Live Rewards?
Microsoft Points that you’ve earned through Xbox Live Rewards will remain in your Xbox Live account and will transition to your local currency with the rest of your Microsoft Points. Prior to the transition, all your earned Pending Points will be added to your account. Any Microsoft Points you received as part of Xbox Live Rewards, promotions or contests will retain their same expiration dates after your account transitions. Make sure that you stay up to date with all the latest Xbox Live Rewards news at Xbox LIVE Rewards or by following @XboxLIVErewards on Twitter.What will happen to Microsoft Points Cards?
Xbox Gift Cards (denominated in your local currency) will be available for purchase in shops and through online retailers later this year. Microsoft Points Cards you purchase at retail will continue to be redeemable on your console and Xbox.com until further notice. Microsoft has no plans to discontinue acceptance of previously purchased Points cards and codes.
What if I have codes and/or Microsoft Points Cards that I haven’t yet redeemed after the transition?
Go ahead and redeem them! Even after your account transitions, we’ll still 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. When you redeem a Points card or code, those Points will be retired, and your account will begin using your local currency instead. Microsoft Points cards and codes that you purchased and redeem after the transition will expire one year after the date on which the Points are redeemed.
If some or all of my new currency has expiration dates, how can I make sure I use the earliest expiring currency first?
If you choose to use the currency in your Microsoft account for a purchase, we will automatically use the earliest expiring currency first.
Will I be able to purchase currency online for my Microsoft account?
Xbox Gift Cards (denominated in your local currency) will be available for purchase through our online retailers’ websites and in local shops later this year. These gift cards can be added to your Microsoft account online. In the meantime, please continue to purchase and redeem Microsoft Points cards and codes – we’ll accept them until further notice. Microsoft has no plans to discontinue acceptance of previously purchased Points cards and codes.
Will I be able to take currency out of my Microsoft account?
No. While you won’t be able to get a cash payout of currency from your Microsoft account, you can use the currency in your account to buy a variety of content from Xbox, as well as apps in the Windows Phone Store for your Windows Phone 8 and games in the Xbox Games Store.
Will I be able to transfer currency from one Microsoft account to another?
No. Once your Microsoft account is funded, that currency can’t be transferred to another Microsoft account. Xbox Gift Cards will make for great gifts and can be purchased in retail locations or through any of our online retailers’ websites beginning later this year.
Will I have to use the currency in my Microsoft account as my primary payment method?
No. Although your account will initially be set up with the currency in your Microsoft account as your payment method, you can still directly purchase content from Xbox stores using any other current form of payment available in your region, including credit cards.
Will I be able to split payment between my local currency and a credit card?
While we do not plan to offer a split payment option at this time, this option may be available in the future.
Will I be taxed on my purchase?
We will not apply taxes when you purchase content using currency that we add to your account at the time of the transition. However, when you use currency that you add to your account after the transition (including from Xbox Gift Cards), all appropriate taxes will be applied to those purchases.
Where will I be able to use the currency in my Microsoft account?
The currency in your Microsoft account can be used to buy a variety Xbox content from your favorite Xbox stores, as well as content from the Windows Phone Store for users with a Windows Phone 8.
Will I be able to buy an Xbox Live Gold Membership with the currency in my Microsoft account?
The currency in your Microsoft account will not be able to be used to buy an Xbox LIVE Gold Membership at this time.
Will I be able to buy music with the currency in my Microsoft account?
Beginning in late 2013 or in 2014 (dates vary by region), you will be able to use the currency in your Microsoft account for music purchases of individual tracks and an Xbox Music Pass on Windows 8.1, or for an Xbox Music Pass on Xbox One.
Will I be able to use the currency in my Microsoft account to buy third-party subscriptions, such as Netflix, Vudu HD movies, HBO GO or Hulu Plus?
No. Currency in your Microsoft account will not be a payment option for third-party subscriptions, such as TV programmes, movies, games and app subscriptions. However, you can purchase such subscriptions using another form of payment, including credit cards.
How do I change my account location?
You can move your Microsoft Account from the region it’s associated with now to any other region up to once every three months. However, after your Microsoft account transitions, the currency in your account will not move with you, so make sure that you spend your currency before you change your account location! For more information, see Manage your Microsoft Account. Bring Xbox Live with you!
Will I be able to redeem currency from a different region in my account?
No. You will only be able to redeem currency from the region associated with your account.