New Xbox Live Rewards scheme will be detailed this September

Microsoft is revamping its Xbox Live Rewards scheme to prepare for the conversion from Microsoft Points to real money.

Heading to rewards.Xbox.com delivers an announcement warning users that the current scheme – whereby Xbox 360 owners earn MSP for completing certain actions such as renewing their Gold subscription – will cease on August 1st.

A new rewards system, presumably one where users will earn credit for their Xbox account, will be unveiled on September 1st. No doubt it will also be incorporated into the upcoming Xbox One.

Says the message: "It’s become necessary for us to evolve the way we reward you. Starting August 1, 2013, you will not be able to earn Microsoft Points through Xbox Live Rewards any longer.

"Not to worry, though! Since this currency change is impacting the structure of the program, we’re taking the opportunity to make Xbox Live Rewards even better. You’ll continue to get rewarded for doing the things you love on Xbox Live – just not with Microsoft Points.

"So come back to rewards.xbox.com on September 1, 2013 for the full scoop."

Xbox Live Rewards was first launched in 2010, with a Punchard system added earlier this year.

Microsoft is currently testing the next Xbox Live update which will introduce the option to use local currency and abandon Microsoft Points.

Beta users yesterday complained that downloads were more expensive after the price had been converted, but Microsoft has since said this was an error and promised to reimburse those affected.