Convert png or psd to PVRTC?

I just read that PVRTC files save a lot of memory and load faster than PNGs, so I want to convert all my png textures to PVRTC. I've seen in a couple of places that Unity should do this for me automatically when I import my asset, but it is still listed as 32x32 RGBA 16bit. What am I missing?

Set the texture format for the texture in Unity to compressed. If you set the texture type to advanced, then you can select exactly what compression to use.