The next Xbox 360 firmware update will push through Microsoft's switch from MS Points to local currency, the company announced earlier today. As a result, Microsoft will also be phasing out its current stable of MS Point gift cards in favor of "Xbox Gift Cards" that, as you might image, fulfill a similar role.

The switch from Point cards to Gift Cards is set to take place sometime late this year, although whether that is indicative of when the currency conversion firmware update is slated to hit remains to be seen. Existing MS Point cards and codes will continue to be honored "until further notice" – any redeemed after the switch will be converted to "an amount of local currency equal to or greater than the Marketplace value of those points."

This article was originally published on Joystiq.

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