You have several things happening here.
Yes, the file size could be an issue on the time it takes to open or save a file. But this is also the case when compressing it, so, a fast way to open a file is not compressing it.
So, let's assume you need to actually compress the file without losing information. Choose a lossless compression algorithm like ZIP.
Is there anyway in Photoshop to convert it to jpeg
Open the file, and save it as JPG.
But you stated before that you do not want a "quality loss" I do not use the term of quality but information. With JPG you will lose information. So, define what you really need to do.
lifetime to open and share the file
This could be your internet connection speed. And a lifetime is not an objective measuring unit. A specific size in Mb could be more useful.