You will also notice that all of the pricing in the Xbox Live Marketplace is now all priced in your local currency rather than Microsoft Points. Those that had Microsoft Points that were converted into local currency will have till June 1st, 2015 to use the converted local currency balance. New local currency added to your account has no expiration date.
Many have been asking Microsoft to do this for years to simplify things and they have finally got around to do it. We are told that pre-paid Microsoft cash cards as well as Xbox Live 12 Month membership cards will still be available going forward. In addition, you will still be able to redeem any Microsoft Points cards you might have laying around or aquire.
Get more information on the age of the local currency going forward here.