Three students who met at Copenhagen Business School have developed the innovative app, which is being released in the UK, as a means of tackling young people being distracted by their smartphones, with students getting 10 points for every 20 minutes that they do not use their handsets between the hours of 07:00 and 23:00.
These points can be used to buy goods with a number of big brands, including Caffe Nero, Vue cinemas and Amazon.
Explaining the origins of the app, Maths Mathisen - one of its founders - said: "Having come up with the idea for this app during my time as a student, I knew first-hand how difficult it is to concentrate while studying when you have the option to text, snap, or play games on your phone.
"With Hold, our mission is to limit these distractions by rewarding students and giving them an incentive to focus on their work.
"The fact that a quarter of students in Norway downloaded Hold in just three months since launch, shows that young people are ready to make that change and put their phones to the side while they study."
Research has found that just having a smartphone within eyeshot can reduce productivity and, in turn, lead to lower grades.
The innovative app - which already has more than 120,000 users across Norway, Denmark and Sweden - works on Android and iOS handsets and is free to download.