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Currently Venmo seems to be mostly used for transactions between two people. Will companies start accepting payment with Venmo? (i.e. Starbucks could charge Bob, and Bob could pay Starbucks)

This sounds like a more efficient solution than Square (still need to have a credit card on you) or Coin (still need to carry a card).
Scott's AnswerView Question
Scott M. StolzScott M. Stolz, Entrepreneur, Educator, Author
1 upvote by Peter Touschner.
It would need more features that businesses need, like automation, reporting and refunds.  Also, most business would not adopt it unless more people use it. If Venmo adds more business friendly features, then it definitely could wind up a competitor to PayPal.