JPEG is a standard image format developed by the Joint Photographic Experts Group in 1992. Today, JPEG is undoubtedly the most popular photo format because of its small file size and compatibility with all image viewing environments. It uses lossy compression that gives it the small file size, albeit sacrificing the image quality.
PNG (Portable Network Graphics) is a raster image file format released in 1996 as a replacement for JPEG. That said, PNG uses lossless compression that gives it a small file size while still maintaining the original image quality. Today, PNG format is widely used to share image graphics over the internet and is supported by programs like Paintshop Pro, Adobe Photoshop, Microsoft Paint, Apple’s Preview, etc.