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放 means to release, to free, to let go, to let out, to set off (fireworks).
In Japanese, this can also be a place called Hanashi
放 is also used in the context of Buddhism.
In Buddhism, this can represent the release of desire, materialism, suffering, or mortality.
My Australian friends always say, “No worries, mate.” It's caught on with me, though I drop the “mate” part since it confuses my fellow Americans.
If you would like to express the idea of “no worries,” 放心 is the best and most natural way to say it in Chinese.
The characters you see to the left can be translated as “put your mind at rest” or “to be at ease.” You could literally translate “no worries,” but it doesn't “flow” like this simple Chinese version.
For your info, the first character means to release, to free, to let go, to relax, or to rest. The second character means your heart or your mind.
Note that in Japanese and Korean, this holds the similar meaning of “peace of mind” but can also mean absentmindedness or carelessness, depending on context.