Xbox Live Rewards phasing out points next month, transition unveiled in Sept.

Xbox Live Rewards is doing away with Microsoft Points-based bonuses as of August 1, but the service itself is staying put, albeit in a new, as-yet-unannounced form. A Microsoft statement dates the bean-spill on that for September 1.

At E3, Microsoft revealed the demise of Xbox Live's space-bucks ahead of the Xbox One's launch in November. The exact time-of-death has yet to be announced, but this week's news suggests those in the sooner-the-better camp won't be disappointed.

This article was originally published on Joystiq.