Can I reply no worries to thank you?

Hello there, I'm curious about the etiquette in responding to a thank you. In a conversation, would it be appropriate to reply with "no worries" as a way of acknowledging someone's gratitude? Is this considered a casual or more formal way of saying "you're welcome"? Also, would the context of the conversation or the relationship between the speaker and listener influence the appropriateness of this response? Thank you for your insight.