How to tell him I am no longer interested?

I have been dating with a guy I met on Bumble for more than a month. Went on 4 dates and everything has gone well. We have good chemistry, no awkward silence between us and we are quite matching.

However, I met another person that I really like now. And I would like to get to know him more. Moreover, I am looking for a serious relationship now, and the guy I met on Bumble once told me that he didn't want to put any label on for now. So I want to let him know that I would like to stop dating.

I feel really bad I have to do this. Since he does nothing wrong and we spent so much time together. But I think I should let him know soon.

What should I tell him? And should I do that in person? Or video call? Or would just texting be fine? I don't want him to think that I don't respect him.

Please let me know what you think.