Microsoft's controversial Microsoft points system will be killed off when the Xbox One arrives, the company today confirmed as part of its 2013 Electronic Entertainment Expo.

The first report of Microsoft axing points came in January 2012, when a source said the company was planning to phase out its points system by the end of the year in favor of real-world currency.

Microsoft points have been in place since the inception of Xbox Live and have not been without criticism. Rather than using real-world currency, Microsoft has adopted its own system, where 400 Microsoft points is equivalent to $5. Further, Microsoft sells point packs only in multiples of 400, often leaving gamers with excess points after purchasing content they want.

The Xbox One will launch in November, according to a representative from the Microsoft-owned Rare studio.