Microsoft on Friday announced its decision to do away with Microsoft Points (MS Points) on the Xbox 360 and Xbox One, in favor of local currency.

Marc Whitten, chief product officer at Microsoft, confirmed on Xbox Wire that Xbox 360 and Xbox One users will have to use their local currencies to purchase games and videos from Xbox stores, after the release of next 360 system update.

Confirming the decision, Whitten wrote, "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. and your Microsoft Points will be retired."

The executive said the company would add an amount of currency equal to or bigger than the Xbox Marketplace value of the gamers' Microsoft Points to their accounts.

He also assured that the company would try to make the transition as easy as possible for gamers.

The list of benefits from the switch includes easier and faster purchases with no need to compute the conversion of dollars into Microsoft Points. Moreover, all existing Microsoft Points are set to expire in a couple of years, on June 1, 2015; while any currency that gamers will purchase after the change will not have an expiration date.