What replacing microsoft points

http://support.xbox.com/en-US/billing-and-subscriptions/account-management/microsoft-points-retire-faq

microsoft point cards are now gift card like psn 50 dollar cards

Xbox Gift Cards (denominated in your local currency) will be available for purchase in retail stores and through online retailers later this year. Microsoft Points Cards you purchase at retail will continue to be redeemable on your console and Xbox.com until further notice. Microsoft has no plans to discontinue acceptance of previously purchased Points cards and code

Will I be able to take currency out of my Microsoft account?

No. While you won't be able to get a cash payout of currency from your Microsoft account, you can use the currency in your account to buy a variety of content from Xbox, as well as apps in the Windows Phone Store for your Windows Phone 8 and games in the Xbox Games Store.
http://view.engage.xbox.com/?j=fef61779746301&m=fe5f15707362017c7c10&ls=fe601772756c0c7e7513&l=ff971577&s=fe621772756c027f7611&jb=ff2e17737260&ju=fe9215707166037572&r=0