No, you set your own paynames! You are absolutely allowed to use your real name, but you can be as creative as you'd like to be. Feel free to add spaces or special characters too!
Remember that while your payname is private and not searchable, you will need to share it if you want to use it to pay or get paid, and it will be viewable on the transaction detail between you and the other party. (However, you'll soon be able to override this if you want complete privacy).
Privacy for our users is one of our main priorities, and one of the benefits of using banq as your payment app.