The hydrodynamic interaction of two deformable vesicles in shear flow induces a net displacement, in most cases an increase of their distance in the transverse direction. The statistical average of these interactions leads to shear-induced diffusion in the suspension, both at the level of individual particles which experience a random walk made of successive interactions, and at the level of suspension where a nonlinear down-gradient diffusion takes place, an important ingredient in the structuring of suspension flows. We make an experimental and computational study of the inter- action of a pair of lipid vesicles in shear flow by varying physical parameters, and investigate the decay of the net lateral displacement with the distance between the streamlines on which the vesicles are initially located. This decay and its dependency upon vesicle properties can be accounted for by a simple model based on the well established law for the lateral drift of a vesicle in the vicinity of a wall. In the semi- dilute regime, a determination of self-diffusion coefficients is presented.