File extension .psd
Description PSD is a file format that is created with Adobe Photoshop. This adobe proprietary file can contain layers, vector images, raster images, text etc. It also supports Gray, CMYK, and RGB etc color coding format. It can contain large amount of data in layers.
Technical Details Photoshop files have the .PSD file extension, this PSD stores an image with support for a lot of imaging options such as Masks, transparency, clipping paths and duotone settings. Sometimes Photoshop files have the extension .PSB which essentially stands for Photoshop Big, this allows images to support up to a maximum height and width of 300,000 pixels and a length limit of 4 Exabytes.
Associated programs Adobe Illustrator CC
Adobe Photoshop CS6
GIMP
Developed by Adobe Systems
MIME type application/psd
1. Click - or - to drag in. There are surprises in PSD waiting

Note: according to the size of your uploaded PSD file conversion = wait time
File extension .png
Description PNG or Portable Network Graphic format is a graphic file format that uses lossless compression algorithm to store raster images. It uses 2 stage compression methods. It is frequently used as web site images rather than printing as it supports only the RGB color model. So CMYK color images cannot be saved as PNG image.
Technical Details PNG images are in many ways better than .PNG uses indexed colors and lossless compression (like a .GIF file), but without those copyright limitations; it cannot be animated like a GIF image.
Associated programs Apple Preview
Corel Paint Shop Pro
GIMP - The GNU Image Manipulation Program (LINUX)
Microsoft Windows Photo Gallery Viewer
Safari
Developed by PNG Development Group
MIME type image/png