More than 100 Norwegian banks have come together with the DNB Group to take a stake in a P2P mobile payments app called Vipps, according to a press release.

The move is reportedly meant to battle competition in the region from other Nordic banks, as well as from the likes of Apple, Google and Facebook. 

"Vipps has become the champion of person-to-person payments and, in a short amount of time, has rolled out mobile, online and in-store payment solutions," Rune Bjerke, group chief executive of DNB and incoming chairman of the board of Vipps, said in a statement.  "Over the course of 2017, Vipps will be available in far more places than we have seen up until now. This alliance will make us better equipped to win the race against Nordic and international market participants."

DNB, the SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and 15 independent savings banks, which also are co-owners of Frende Forsikring, have signed a letter of intent about working together. The letter said the banks will collaborate to develop Vipps into a mobile wallet for all Norway consumers.